Secret Auction Smart Contracts With Enigma: A Walkthrough
Recently, non-fungible cryptoassets have sparked a large ecosystem of auction-based peer-to-peer marketplaces (RareBits, OpenSea, etc.) and DNS services for decentralized protocols (Portal Network). Additionally, auctions are a strong interest in academia and have potential cryptoeconomic applications in areas such as Ad-Tech and beyond. However, similar to blockchain-based voting where votes are exposed on the blockchain, current auction implementations expose user bid values and can lead to bribery and collusion attacks. Additionally, current methods for obfuscating bid values such as commit-reveal schemes are cumbersome for users.
At Enigma, we are building a general protocol for privacy-preserving smart contracts and aim to provide value in areas that necessitate privacy, including auctions. In this article, we present a privacy-preserving auctions contract that encrypts underlying bids and prevents anyone from detecting how a user has bid.
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