How Smart contract works in Newcater auction?
For popular or best-seller products, they can be listed and sold directly. As for unique and rare products, sellers can choose to sell in the form of auction to get the maximum benefit. The application of Blockchain technology and Newcater smart contract will resolve the problems of the current online auction.
Issues of current online auction:
Issues of current online auction:
Online auction is a modern purchasing model that brings many benefits to the parties involved. However, there are still many disadvantages because anyone can register to participate leading to higher risk of the auction being sabotaged. Many people auction successfully, after which they refuse to pay and buy goods, leading to seller and other bidders losing time and money. In addition, there are fraudulent, prices fixing collusion, virtual auctions, or money laundering.
Other restrictions such as delivery is delayed, goods is poor in quality and not resembling initial description, some cases goods are not delivered to the buyer at all, and many difficulties related to the payment and delivery process.
Our solution:
Newcater will launch the Blockchain-based auction solution with outstanding advantages. Each auction is more reliable and transparent by Smart contract as well as automatic lockout mechanism from e-wallets of auction participants, which makes the auction safer, more transparent and more secure. The Newcater auction solution is connected and synchronized with the CaterTrip delivery application, which enables the product inspection and post-auction delivery to be secure and fast.
In the early phase, we will cooperate with some other Blockchain platforms to write dApps for auction based on existing platforms to take advantage of existing technology as well as involving communities of partners.
The main reasons not to prioritize using the Ethereum chain structure for auction are scalability and transaction fees. The capability of the current Ethereum network does not allow us to launch and extend the services. The current Ethereum network is theoretically capable of processing about 10 transactions per second, which is certainly not enough for a large user base while the transaction confirmation time of Ethereum are significantly delayed. It will greatly affect the user experience. Besides, the gas fee for each transaction is too high for common users. Hence, we will cooperate to build dApps with two platforms with much higher speed and nearly zero fee — TomoChain and Nexty.
TomoChain is Blockchain infrastructure solution designed for scalability and possess capability of high-speed processing multiple transactions and require virtually zero transaction fees. This will be an ideal solution for dApps and building a dApp for auction.
Nexty is a platform based on Blockchain technology and fintech ecosystem specializing in supporting e-commerce. Nexty cryptocurrency has multiple advantages such as instant transfer with zero fees and price stabilization system so it is perfectly appropriate for Newcater to build dApps upon.
In later phases, we will build our Private Chain with scalability to actively create more applications. It will support Atomic Cross-chain Swap, a modern method for exchanging Cater Token on Ethereum and Cater Token on Private Chain.
Auction Process: Sellers post their products; choose the type of Blockchain’s smart contract that they want to use, set the minimum price, time and ticker size. Sellers can use the advertising and marketing tools available on the platform to market their products and make them become more prominent.
Customers and collectors find their items and receive notification email, then start to join auction. Each bidder can set the maximum price that they can purchase and set up the system to automatically jump up each tick size.
Smart contract always automatically lock Cryptocurrency at auction prices. To win the auction, each bidder need an amount of cryptocurrency equivalent to or higher than the highest price they can accept. The winning bidder is the one who pays the highest price before the timer runs out. These amounts of cryptocurrency will be kept by the platform until the contract is executed and the buyer receives the product. This process can be faster if the sellers use CaterTrip delivery service or shipping partners connecting with Newcater’s technology. Those who do not win the bid will be refunded to their wallets by Smart contract.
For more information, visit us at any link below:
Official Website: https://newcater.com/
Telegram Group: https://t.me/newcater
Telegram Announcements: https://t.me/NewcaterANNs
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