How Blockchain Can Create Trustworthy Auctions: DomRaider

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Auctions can be very tricky. Whether physical auctions or digital, bidding is done through a process of ‘hand raising’, and the one who has their hand up first is allowed to bid. The problem with that is that whether physical or digital, it’s difficult to determine who is first, and when they bid.  

At the same time, domain names often lapse for companies, creating an opportunity for arbitrage, as those names can be reserved and then sold to the highest bidder. The general method for selling those is through auction.

DomRaider combines these two features as a very successful auction house for domain names that have expired or lapsed. The company scans for domain names that have expired, and then auctions those names through online auctions. Founded in 2013, the company is one of the most prominent players in the market space.

Blockchain for auctions

However, though already an extremely successful multi-national corporation, the company is looking to build a new auction platform based on the Blockchain technology. This platform would unite the auction world with the versatility of Blockchain technology to change the very nature of how auctions are carried out.

An auction system built on Blockchain technology would have substantially improved features over traditional auction systems. First, the system would be scalable, reliable, and transparent.  DomRaider’s proposed platform would provide a structure where data from bids would be impossible to fake, and users would be able to verify bids from any user immediately with the transparent system.

Next, a Blockchain technology solution would create a worldwide auction platform where users would be able to interact with one another directly. This distributed system provides a far greater scope for auctions, and provides a means of simple and easy bid making and transaction processing at a fraction of the cost of other auction systems.

Last, the platform would also provide a very fast and secure platform to process and immutably record bids and outcomes. The infrastructure, as it stands, can provide consensus of bids in less than 1 second.

ICO coming

While DomRaider is already a thriving multi-national corporation, the company has seen the potential for a Blockchain solution in the auction marketplace. They are planning to create the solution through a decentralized network of users focused on management of any auction in the world, whether physical or digital, in real-time. The platform is already nearly completed, and the company is using the ICO to propel the launch.

DomRaider’s substantial current business indicates that their team of professionals has a proven tract record of success, as well as a viable and pre-developed digital product to market to others. These are key points for investors to help them be certain they are investing in a viable business model.

The ICO starts September 12 and will conclude with the issuance of the DRT digital token on October 11. As the company CEO Tristan Columbet said:

“The DomRaider ICO combines two key factors for success: innovation of ground-breaking technology by blockchain experts and the maturity of an already well-established company and an experienced team."

Last modified (UTC): September 13, 2019 8:50 AM

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