Auctionity, as the name implies, is a blockchain project which offers solutions in the area of online auctions. Do you want to know everything about this company? If you do, just read our review about it.
What is Auctionity?
Auctionity is a blockchain project created by DomRaider Group. The main goals of the company are to provide decentralized solutions that will enable people to hold auctions in real time which can be safer, faster and more reliable than they would be without the help of the company.
The company understands that the online marketplace has a huge problem with the security of the sales and the auction market is not different at all. This lack of trust ends up hurting the market. By applying the blockchain technology to this market, Auctionity and the DoomRaider Group hope to improve the standards of trust in this industry.
This project has many excellent professionals working on it. Master of the blockchain and IT fields are developing solutions to make this company always work better and in a more efficient way. The board of the project is composed by Tristan Colombet (CEO), Christophe David (CFO) and others. The dev team is composed by Mike Nopere, Florian Pereira, Logan Lesage and others.
How Does Auctionity Work?
Basically, Auctionity perceived that the market was limited and that it could be improved by the use of the blockchain technology as a way to improve safety and trust. Auction platforms are generally not transparent, closed and limits. This limits trust because the platforms are not open to its users and sometimes they do not know how well they work.
To fix this, Auctionity has been using blockchain to create a platform which will be transparent and open. You can believe in the live auctions organized by this company because the data is public and immutable. Also, everything is automatized and the greatest part of the process is not done by humans anymore, which makes it better and more efficient.
The DomRaider Group has decided to develop a platform which will have the following features: it will be scalable, reliable and transparent (which makes it impossible to falsify), fast and have very low transaction costs. Efficiency and security are the two keywords which have been making the platform successful.
Another process that the company is currently making is to improve the whole logistics of the auction platform and to create a system of KYC identity checks to really be sure that the people who will be paying for the goods which were auctioned will be able to really pay for it.
Other features include escrow, payment guarantees and tools to make auctions easier.
Some features will be coming in the near future, such as the custom integration of the platform using its own API, “dutch auctions” (which are auctions in which the price of the auctioned good is reduced until the buyer is found) and the full decentralization of the system, which is still underway.
How to Invest in Auctionity?
If you liked what we told you about Auctionity so far, you can use this company. If you want to use to sell products, you will have to download the app and register to use it as a tool to make your own auctions. On the other hand, if your interest is more about buying goods, then you can also do that by using the platform.
Auctionity does not have its own cryptocurrency, so there will be no Initial Coin Offering (ICO) for this company. If you want to use it, you will have to use other popular types of cryptocurrency like ETH or BTC to buy the goods online using the Auctionity blockchain auction platform.
The Auctionity Verdict
Is Auctionity a good platform for you? It can certainly be. If you are a seller, you will discover that this platform will be a lot more secure than non-blockchain auction platforms, which will be great for you. Also, it does not charge high fees, so this is also a positive point for your business.
If your interest is in buying products, then Auctionity can also be good for basically the same reasons, as it will have lower fees, more efficiency and security. In the end, it does not matter whether you are buying or selling goods via Auctionity, you will have the same results.
If you liked this company, why don’t you give it a chance? Try to use it sometime to know it better and try to discover if Auctionity is the perfect platform for you. It might just be, as this is a very good platform with plenty of potential of becoming a great platform in the near future.