transactions – Implementing a trustless English auction on Bitcoin

0
6


Is it possible to implement an English-auction type mechanic on Bitcoin (trustlessly)?

I have tried smart contract implementations in other blockchains.

For instance, one straight forward implementation has been to move bidder’s bid amount into a smart contract till

i) Auction time expires, or

ii) Someone places a higher bid (in which case, the higher bid is locked into the smart contract, and the previous bid is returned to the original owner of the bid).

However, I don’t have knowledge of how to do an English auction for Bitcoin (trustlessly). I’m open to using third-party crypto projects to achieve this goal (e.g. Stacks https://www.stacks.co/), or doing it natively on Bitcoin (via Bitcoin Script, if it’s possible).

Conversely, if it’s not possible, you can contribute that as an answer and I’ll mark it correct. It will nevertheless give me closure (and anyone else searching this later). Thanks in advance.



Source link

Leave a reply