Powering transparent, trustless auctions for web 3.0

AuctionX is an online blockchain based decentralized auction platform for the web 3 community.
AuctionX can be used to launch completely white-labelled auction houses with ready-to-deploy prebuilt auctions, which are highly engaging and fun. Also AuctionX exposes its APIs to leverage auction mechanisms to existing websites and mobile applications. AuctionX believes that the potential of auctions as a mechanism to increase sales is still not fully explored.
Using AuctionX one can auction-

• Real Products
• Digital assets like tokens
• NFT’s
• Experiences
• Services and more

$AUX is the underlying token of BiG Deal platform. It is powered by the BASE blockchain. Its price will be determined by market forces. $AUX tokens can be purchased over exchanges and liquidity pools. PLAYs are used for placing bids on the item that you want to purchase. The price of a PLAY is predetermined and will be between $0.10 and $0.40 (USD). PLAYs can be purchased on BiG Deal platform with the help of $AUX tokens. A bid can be of one or more PLAYs. The number of PLAYs that a “bid” comprises will change according to the product value and definition.

BigDeal is powered by AuctionX. With the intention of fully decentralizing BiG Deal platform, we want to dilute the dependency on the largest single point of failure (the team) and create a democratized model that can evolve in entirely new ways and will always ensure the best intentions and actions for the platform. BiG Deal decentralized governance system will replace the administrator system with community governance, allowing the governing body members to suggest, debate, and implement changes to the platform. Governors will have to stake their $AUX tokens to get voting power. Voting power is equal to the number of $AUX tokens staked.

There is a lot of fairness in the Dutch auctions. The company decides the number of shares or products that it wants to sell and the market determines the price at which it could be sold or bought. The company sets a reserve price and initial price on the product. For example, let us say that a handbag manufacturing company wants to sell 500 bags. It sets the reserve price of 1 bag as $1 and the initial price as $10.

When the bidding starts, the reserve price is not made public. None of the bidders know the reserve price set by the company for the bag. The initial price is reflected. As the auction starts, the initial price of the product keeps decreasing periodically until all the products (bags in this case) are sold. If there are three buyers bidding for the bags.

Auction starts with $10 for each bag
Alice: commits $250 || $10 for 1 bag => 25 bags => number of bags left to sell = 475
Bob: no bids
Carl: no bids

Price drops to $5 in equal time intervals with each drop of 1$
Alice: has already committed $250, but since Bob now bids at the rate of $5, Alice will get a total of 50 bags
Bob: committed 150$ || $5 for each bag => 30 bags => number of bags left to sell = 500-50-30 = 420
Carl: no bids

Price drops to $2 in equal time intervals with each drop of 1$
Alice: has already committed $250, but since Carl now bids at the rate of $2, Alice will get a total of 125 bags
Bob: has already committed $150, but since Carl now bids at the rate of $2, Bob will get a total of 75 bags
Carl: committed 600$ || $2 for each bag => 300 bags => number of bags left to sell = 500-125-75-300 = 0
Since the supply of bags to be sold is finished, the auction will end. Alice, Bob and Carl will all get the bags at the rate of $2 which is between the reserve price ($1) and the initial price ($10).

To participate all you need is PLAYs. Incase you not have PLAYs they can e converted from $AUX tokens on our platform. Please note that we might also support getting PLAYs by submitting other tokens like ETH, BTC, USDT etc.

AuctionX supports multiple chains. Though the smart contracts are authored in ERC20 - based on BASE (powered by Coinbase), the bidder can avail $AUX tokens using multiple tokens from different blockchains - namely Ethereum, Solana, Polygon and Binance Smart Chain. The objective of supporting multiple chains is to reduce dependency on a single chain. Also it increases versatility and applicability since a lot of people around the world will be more comfortable with BSC or ETH or other chains.

BidBots can automate bids for a participant. Let the system run the show for you. This makes sure that - you don't forget to bid due to other distractions. Meticulous rules can be set and configured for the BidBots. The bidding never stops!!