The online internet auction market has steadily grown every year since 2014¹. Current market forecasts predict this trend is nowhere near stopping. Sites like eBay, uBid, QuiBids, and more, have shown there is indeed a demand for online auction systems. However, one of the cons to such a system is the level of trust required to be put into those that are running, or hosting, the auction. Morphene aims to reduce the level of trust required in online auction systems by incorporating them into a distributed blockchain database that provides complete transparency.
The core components included with Morphene allow a highly efficient, trust-less system to handle the processing and management of auctions in a fair and transparent manner. It is also part of the Morphene Blockchain to provide rewards in the form of vested cryptocurrency to the accounts that have been elected to produce blocks, either through witness votes or through Proof-of-Work discovery.
Through the creation and discovery of new auctions, individuals will be able to take part in the token distribution of the token economy. Auctions tokens will be consumed when users place bids on auctions. Each successful bid will add an additional ten seconds to the auction duration, as well as increase the value of the auction by one token. Upon completion of an auction, both auction consigner and the winning bidder will receive a portion of the cryptocurrency reward. The goal of the Morphene Blockchain is to demonstrate the highly efficient nature of application specific blockchain implementations. The online auction system was chosen to perform this demonstration due to its requirements for quick processing, funds validation, fault tolerance, and transaction transparency. As time goes on the built in auction system will be enhanced and new systems or sub-chains may be created.
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