‘Auctions’ are processes for selling goods or services to the highest bidder. In the digital asset realm, this mechanism is frequently employed for the sale of unique digital items, such as non-fungible tokens. They establish a market-driven price discovery for scarce digital resources.
Context
The application of ‘Auctions’ in the digital asset space is primarily observed in the primary and secondary markets for NFTs. Debates continue regarding the fairness and efficiency of various auction formats, particularly in mitigating manipulative bidding strategies and ensuring equitable access.
This research introduces a framework for privately committing to and executing economic mechanisms, leveraging zero-knowledge proofs to ensure verifiability without revealing sensitive rules or data, fostering trustless interactions.
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