👻 — Hidden Bids, Trustless Auctions on Stellar
👻 SealBid: The Ghost Auction — Where Every Bid Is Hidden Until It's Time This is my submission for the Hacktoberfest Open-Source AI Challenge Week 4: Ghost in the Machine . What if an auction had a ghost? A participant who could influence the outcome, but whose intentions remained completely invisible until the right moment? That's the idea behind SealBid , a sealed-bid auction platform built on…
SealBid is an innovative auction platform that operates on the Stellar blockchain using Soroban smart contracts. What distinguishes SealBid from traditional online auctions is the commitment-reveal mechanism, which ensures privacy and trustlessness throughout the bidding process.
Instead of revealing their bids immediately, participants submit a cryptographic commitment containing their intended bid amount and a secret. The actual bid remains hidden during this commit phase. During the reveal phase, bidders disclose their bid amount and secret, allowing the smart contract to verify that the revealed information matches the original commitment.
Once the reveal phase concludes, the smart contract settles the auction by awarding the highest valid bid to the seller, while refunding the escrowed funds to losing bidders.
The hidden bid, which is present in the system but invisible until the reveal phase, embodies the "ghost" aspect of the project. This concept draws inspiration from the "Ghost in the Machine," a philosophical idea about an unseen influence that affects the overall process. By utilizing open-source technologies like Rust, Soroban, Stellar, Next.js, React, Node.js, and PostgreSQL, SealBid demonstrates how decentralized infrastructure can foster trust and transparency in digital auctions.
Written by urgent.news from Dev.to's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
