#nil $NIL @Nillion I was reading about private auctions using Nillion Covenants and it got me thinking about how these auctions could actually work.
Imagine you're bidding on something, but everyone can see how much you're offering. Someone could simply offer a little more than you and take the win.
Now imagine nobody can see anyone else's bid until the auction ends. That's where things get interesting.
Nillion Covenants might be useful here. Bids could stay hidden until the auction is over. DUSK is already live on Ethereum, and I'd like to see developers try this with a real auction.
There's just one thing that bothers me.
If all the bids are private, how do we know the winner was picked fairly?
I think that's the biggest challenge. Hiding bids is useful, but people also need a way to check that nobody cheated without seeing everyone else's offers.
I'd love to see a working auction built around this idea.
Would you trust an auction where nobody can see the bids, but the final result can still be checked?
@Nillion $NIL #NIL #nillion
Imagine you're bidding on something, but everyone can see how much you're offering. Someone could simply offer a little more than you and take the win.
Now imagine nobody can see anyone else's bid until the auction ends. That's where things get interesting.
Nillion Covenants might be useful here. Bids could stay hidden until the auction is over. DUSK is already live on Ethereum, and I'd like to see developers try this with a real auction.
There's just one thing that bothers me.
If all the bids are private, how do we know the winner was picked fairly?
I think that's the biggest challenge. Hiding bids is useful, but people also need a way to check that nobody cheated without seeing everyone else's offers.
I'd love to see a working auction built around this idea.
Would you trust an auction where nobody can see the bids, but the final result can still be checked?
@Nillion $NIL #NIL #nillion