Paper 2023/1454
Scalable Off-Chain Auctions
Abstract
Blockchain auction plays an important role in the price discovery of digital assets (e.g. NFTs). However, despite their importance, implementing auctions directly on blockchains such as Ethereum incurs scalability issues. In particular, the on-chain transactions scale poorly with the number of bidders, leading to network congestion, increased transaction fees, and slower transaction confirmation time. This lack of scalability significantly hampers the ability of the system to handle large-scale, high-speed auctions that are common in today's economy.
In this work, we build a protocol where an auctioneer can conduct sealed bid auctions that run entirely off-chain when parties behave honestly, and in the event that
Metadata
- Available format(s)
-
PDF
- Category
- Applications
- Publication info
- Preprint.
- Keywords
- AuctionBlockchain ApplicationsOff-chain AuctionLayer 2
- Contact author(s)
-
mominaei @ visa com
levduc112 @ gmail com
rakumare @ visa com
pedro moreno @ imdea org
srraghur @ visa com
pchatzig @ visa com - History
- 2023-09-24: approved
- 2023-09-22: received
- See all versions
- Short URL
- https://ia.cr/2023/1454
- License
-
CC BY
BibTeX
@misc{cryptoeprint:2023/1454, author = {Mohsen Minaei and Duc V. Le and Ranjit Kumaresan and Andrew Beams and Pedro Moreno-Sanchez and Yibin Yang and Srinivasan Raghuraman and Panagiotis Chatzigiannis and Mahdi Zamani}, title = {Scalable Off-Chain Auctions}, howpublished = {Cryptology {ePrint} Archive, Paper 2023/1454}, year = {2023}, url = {https://eprint.iacr.org/2023/1454} }