Auction on Bitcoin

Auction

Implementation

  • bid: If a higher bid is found, the current winner is updated and the previous highest bidder is refunded.
  • close: the auctioneer can close the auction after it expires and take the offer.
Auction Contract

Possible Extensions

There are many ways to extend this basic contract. For example, if the item auctioned is tokenized and stored in a UTXO (e.g., an NFT), when the auctioneers closes the auction, it can be demanded one input is the token UTXO and one output is transferring it to the winner, thus making the closing atomic and cheating impossible.

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sCrypt

sCrypt

sCrypt (https://scrypt.io) is a company with a mission to provide integrated on-chain smart contracting solutions on Bitcoin SV