Auctions
Sell one lot to the highest sealed bid. Bids are locked in time until the close, the winner pays what they bid, and a proof shows the highest bid won without showing any other.
How An Auction Works
Step 1 Of 6
A Seller Lists A Lot.
The seller describes the lot, sets a reserve and an end time. Nobody can bid below the reserve, and there is no highest bid. No account. Bidding opens when the seller's bond has arrived.
Step 2 Of 6
You Seal A Bid.
Your browser seals the bid in a commitment and locks the amount in time. It is encrypted to a moment just after bidding ends, so nobody can open it early, this site included.
Step 3 Of 6
You Deposit Your Bid.
You send your bid plus a small bond in one shielded payment, to an address made for that bid alone. The chain shows nothing. To keep the amount from this site too, tick one box and send a larger, round amount. What you don't owe comes back.
Step 4 Of 6
The Clock Opens Every Bid.
Bidding stops, the time lock opens and the bids are read. Nobody has to come back to reveal, so nobody can back out after the close.
Step 5 Of 6
The Highest Bid Wins.
The winner pays exactly what they bid. One shielded transaction returns the winner's excess and every other deposit. Your browser checks a proof that the highest bid won, and the losing bids are never shown.
Step 6 Of 6
The Seller Is Paid After Handover.
The seller hands over the lot and the winner checks it. Then a second shielded transaction pays the seller and returns both bonds. If the lot never arrives, the price goes back to the winner with the seller's bond.
