iBid is a decentralized Blockchain Auction platform
What is IBIDTOWIN
The IBIDTOWIN auction floor is a Singapore e-commerce platform 4.0 that will be launched in early June 2020, in the form of Ebay or Amazon. The difference is that this new e-commerce floor uses Blockchain technology, the Token itself, and an Auction based trading business
The 10 second countdown auction method (every time someone clicks on the auction, the 10 second round is counted again from the beginning) until no one presses the auction operation for the product within 10 seconds, the product will belong to the last person to click on the auction. People will bid based on Points (range $ 0.13 = 1 Point), each click you will lose 1 Point
Points can be purchased, or awarded from system builders.
What is a Dutch Auction? Investopedia defines a Dutch auction as a price finding process in which the seller "auctioneer" starts with the high asking price and then gradually decreases it until the cumulative bid received covers the entire bid amount. This type of auction is often used for initial public offerings to find the optimal price for the total number of shares issued by a company. In this process, it is possible to sell the quantity desired at the competitive price, which is found by the forces of supply and demand. In our Dutch Auction, the price per Token will decrease according to the price formula described in our private placement memorandum.
How Does the Dutch Quadrant Token Auction Work? As we mentioned earlier, Quadrant will sell approximately 20% of the common stock, in the form of Quadrant Tokens, in the Quadrant Token Sale. The Token Sales Quadrant consists of two components, Private Pre-Sales and Dutch Public Auctions. In Pre-Sales, we will sell about 10% of Quadrant's common stock, which amounts to around 10,000,000 Quadrant Tokens. In the Dutch Auction, we will sell all Tokens that were not sold during the Pre-Sale, as well as an additional 10,000,000 Tokens. (So, for example, if 8,000,000 Quadrant Tokens were sold during the Pre-Sale, 12,000,000 would be sold during the Auction.) The auction will run for two weeks - bidding will start with an ETH price roughly equivalent to $ 10 per Token,
Why Dutch Auction? Two reasons: transparency and price discovery. In the Dutch Auction, each bidder has complete visibility into the total available bids, current prices, and changes in price over time. This mechanism achieves price discovery - each participant can bid for any amount at the price they believe to be the correct price, and each bid is viewed, so that each subsequent bidder benefits directly from the bid information in making their own decision about the right one. price. This is a classic example of an open and transparent market mechanism that facilitates efficient price discovery.
Raiden Choosing the Dutch auction mechanism put us in the shoes of a good "crypto company", as it is similar to the launch of the Raiden token, which was completed towards the end of last year. Not surprisingly, the Raiden team stated: "We appreciate the efficiency and certainty of participation as well as provide certainty of valuation as the most important property for the launch of the Raiden token (RDN). Therefore we chose uniform auction prices in the Netherlands as the format."
Dutch Auction and Blockchain Technology. The Dutch auction will be conducted and use the ETH currency. It is perfect for blockchain, as successful bidders will be able to claim their tokens in exchange for ETH, without involving "Wall Street" transfer agents or other intermediaries,
After the auction is over, the Tokens will be managed on the Ethereum blockchain, which we believe will provide our Company and investors with superior security and efficiency.
It doesn't matter if you have a lot of money or a little money, as long as you click the auction and in the next 10 seconds no one clicks the auction, the product will be yours (either IP 11, or camry car), all this is very possible (test on this floor) .
Use blockchain to contribute to the transparency of auction products and bidders.
The IBID auction floor operates according to the auction format as in the example above, that is, the user will use Points to click on the product auction.
Points will be bought with money and are very cheap
Products on the floor of all types from AZ, such as Amazon, can be uploaded by users.
Imagine, you can bid on a car that costs tens of thousands of rupiah in just a few dozen clicks at a very low price, sometimes only the equivalent of a few hundred rupiahs.
Exchange will ship the product to you, don't worry.
TOKEN ROLES
Voting enables a list of DApps, products and services in the iBid ecosystem. You have the right to decide which iBid will sponsor and reject the project.
Exchange rates in the iBid ecosystem. Creating and maintaining an internal and individual economy is one of the most important tasks of an IBID token
The iBid token is used as a fee gateway for you to use certain functions of an ecosystem.
Mission
Offer to get your favorite items at very low prices via auctions on the iBid Platform
Build a platform for blockchain auctions to go up in real time
iBid - decentralized blockchain auction will change the bidding process, to be fair and transparent as the bidders can also oversee the auction process.
New blockchain
We chose to use blockchain technology because blockchain is very relevant to our project because it addresses several security requirements that traditional auctions cannot currently guarantee.
New Decentralization
Data about each auction is stored on the blockchain Blockchain data is stored in multiple places Every computer that stores a copy of the blockchain must approve each addition, protecting against unauthorized changes If there is information about bid changes, the digital signature will change as well. This allows everyone to be able to verify bid information
New offer
It is an intrinsic part of the blockchain, solving some of the problems inherent in traditional auctions, including the fact that:
They are not transparent. The bidder has no way of ensuring authenticity, authenticity and higher validity of bids, the bid history is made traceable and verified by anyone.
The auction is currently not open, because of the essence of its centralization. The bidder must use the organizing platform. This is not the case with the iBid Blockchain as it can be used only for its blockchain layer if necessary. Interoperability is key. And this is what iBid Blockchain brings.
Why does iBid use a tiered marketing model?
If the iBid auction operates in a traditional system, we have to pay a lot of money to google, facebook, etc. to build a solid community like eBay, eBid, etc. which costs a lot of money to create fair play for users. But if iBid runs on the new model, users start at just $ 25 but can earn up to $ 15,000 from the system. In addition, when using iBid to bid, users have the opportunity to win many products at very low prices compared to market value.
ROADMAP Platform iBid
June 2020: iBiD Auction on Blockchain
March 2021: Testnet iBiD
June 2023: iBiD Mainnet
August 2021: Cross-platform wallet release
December 2021: Integrate iBiD tokens for payments across many e-commerce 4.0 platforms
January 2022: Notice of the iBiD specification
April 2022: Allow list of Dapps on the iBiD platform
September 2022: The iBiD decentralized trading platform
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