Decentralized Auction Platform

Building a decentralized auction platform, bidding actions are conducted by smart contracts using ADA payments

Auctioneer, Notary, Business development, Full-stack development, Software product manager, Blockchain DApps development, UI/UX design.

We built and we are operating the number 1 online auction system in Vietnam https://lvo.vn - 2021 volume: US$ 65.6 million with 138 auctions.

[IMPACT]

Auctions are an extremely important industry in the global economy, with a worldwide market value of around $300 billion in 2021. However, despite it's significance role, it is still a market with many problems to be solved.

The core issue of auction activities is the transparency and honesty of the auction – users often worry that they aren’t paying a fair price and that the auction has been cheated. For an online auction this can only depend on the reputation, the brand of the auction house. Therefore, reputed auction houses, such as Christie's, Sotheby's, Phillips or eBay, usually have a high commission fee, which can be up to 10%, 15%, 20% or even more, depends on the certain asset categories and selling price. There’s also the risk of the buyer not paying you, as well as the risk of the platform being hacked and sensitive data being leaked. These are all inherent characteristics of a centralized system.

Solution – build a decentralized auction platform – where the transparency, honesty, anonymity, transaction time will no longer be in the hands of any auction house or minority manipulator group.

• Transparency--> the assets will be tokenized to NFT, certified by responsible authorities. All the bidding actions are conducted by smart contract, verified by Cardano's blockchain platform. Even the auction houses don't have the rights to manipulate the results.

• Anonymity, information security for auction participants --> user data are encrypted, similar to e-wallet addresses.

The source code of the system will be available at a given Github account - which will be announced later after the project is funded, any user with technology knowledge can audit it themselves to ensure that the system is built completely transparency, bug free, and there is no backdoor.

The system is designed to be easy to use and operate, enable the organization of online auctions become simple, convenient to both buyers and sellers. The platform is designed with auction configuration presets that meet all the popular auction types in Vietnam as well as in the world. This is model example of digital transformation for the auction business.

This is a decentralized auction platform (DApp) that operates on Cardano blockchain platform, where auction houses can only list the assets without manipulating the results, it's transparency and objective, so that everyone can verify:

• All bid orders and transactions are based on smart contracts.

• Members' account information is encrypted, similar to e-wallet addresses.

• The system source code is public on the project's Github.

This platform will help drive the growth of the auction industry and attract more users to the Cardano platform.

• Large workload to handle --> professional work management process, applying Agile methodology, professional team, proven track record in software development. Besides, we organize bug bounty activities to leverage the community resources to boost up the progress of the project.

• Legal issues --> In the near future digital assets will be recognized by the law. We build an MVP to prove it is a certified auction platform. Get our platform ready for digital assets auctions.

• Most of the auction participants are not familiar with online auction and crypto platforms--> invest in UI/UX design to make the platform easy to use.

• Legal entity for online auction platform --> we are licensed and certified since June 2020.

[FEASIBILITY]

Phase 1: 2 months since the proposal is funded

• Business analysis of the platform
• Database design
• Solution design
• Graphical interface design

Phase 2: 4 months since the proposal is funded

• Build development servers
• Build core backend & web version
• Build DApp module on blockchain

Phase 3: 6 months since the proposal is funded

• Complete DApp module on blockchain
• Build Android version
• Build iOS version
• Build backend API

Phase 4: 8 months since the proposal is funded

• Release web version
• Release Android version
• Release iOS version
• Platform launching on Testnet
• Conduct the first 3 online decentralized auctions

The budget consists primarily of the development of the auction platform. Budget breakdown is as follow:

• $18.480 - Business consulting, Business analysist, Marketing: 264h x ($70/h)
• $21.120 - Blockchain development: 528hx ($40/h)
• $17.600 - Website and backend development: 704h x ($25/h)
• $13.200 - Android development: 528h x ($25/h)
• $14.784 - iOS development: 528h x ($28/h)
• $5.280 - UI/UX design: 264h x ($20/h)
• $5.000 - Bug bounty program
• $3.520 - Testing, documentation, demo x ($70/h)
• $5.000 - Cloud servers
• $4.000 - Office, internet, electricity and other infrastructure for 8 months

Total request: $102.984

1.Do Thi Hong Hanh – CEO of Lac Viet Auction Partnership Company

Experiences:

• Expert in the field of auction and justice, with more than 10 years of experience in building, operating and managing Lac Viet Auction Partnership
• Participate in the design, construction and operation of the leading online auction system in Vietnam LVO.
• Experience in organizing and operating hundreds of large and small auctions, many of which have been recorded in the Vietnam Guinness Book of Records.

Roles:

• Consultancy on auction business
• Directing marketing strategy

Social media

https://baodautu.vn/doanh-nhan-do-thi-hong-hanh-nguoi-dan-ba-dau-gia-d58672.html

2.Le Minh Tuan – Managing Director – Media.Monks

Experiences:

• Information technology specialist, with more than 22 years of experience in building, operating and managing large information technology systems at many leading corporations in the world.
• Expert in building software systems operating on Blockchain and DApp platforms.
• University lecturer, mentor for many blockchain startup projects

Roles:

• Design blockchain application strategies
• Marketing consulting, Tokenomic strategy planning
• Design distributed database solutions

Social media

https://www.linkedin.com/in/minh-tuan-le-9210448/

3.Phung Tuan Anh – Director of Real Estate Project Board at Hoa Phat Real Estate Development Joinstock Company

Experiences:

+20 years of Professional Experiences in US Fortune 500 companies (Microsoft, IBM, etc.). Including 8 years at managerial level for IT companies. Proven track record in new business set-up and expansion, channel management and leading diversified teams. Corporate experience in strategic planning and operational processes. Known for interpersonal and communication skills.

Specialties

• Managing sales-oriented organizations
• Business Development
• Consulting and Services Selling
• Developing and managing of complicated channels.
• Account management
• People management
• Change management
• Community development

Roles:

• Business development consulting
• Software development management consulting
• Auction business analysist consulting

Social media

https://www.linkedin.com/in/anh-phung-tuan-31834924/

4.Nguyen Trong Hung – CEO of Novatic Technology Advancement Joint Stock Company

Experiences:

• Expert in software development, with more than 8 years of experience in building, operating and managing information technology systems.
• Design, build and operate the leading online auction system in Vietnam LVO.
• Experience in developing backend/frontend and mobile software
• Blockchain and algorithmic application development

Roles:

• System solution design
• Database design
• Project management

Social media

https://www.linkedin.com/in/nguyen-trong-hung/

5.Nguyen Anh Tien – Enterprise Technical Specialist

Experiences:

• Funded proposer in Fund6 and Fund7
• Founder of the VILAI stake pool
• Computer science experts
• Working in the Cardano/Crypto space since 2018.
• Deploying many payment systems for major banks, financial institutions, and telecommunications in Vietnam

Roles:

• Decentralized platform consulting
• Blockchain development consulting
• System integration

Social media

LinkedIn: https://www.linkedin.com/in/tienna/

Telegram: t.me/tiennguyenanh

6.Tran Huu Minh – UI/UX Designer

Experiences:

• Expert in the field of UI/UX design with more than 10 years of experience.
• Design experience for many large software systems.
• Experience in designing the online auction system lvo.vn

Roles:

• UI/UX design for auction platform
• Design user manuals

Portfolio

https://www.linkedin.com/in/minhtran2311/

https://1drv.ms/b/s!Ash0Ys3V1p43kII2v8pdv4CnE4I6mA?e=K7GY38

[AUDITABILITY]

Progress of development, financial and accounting statistics will be published on the project's website. Each phase of the project will have a public report.

Deliverable Key Performance Indicators (KPIs)

------------------------------------------------

Phase 1 - In the next 2 months after approved

• Release document of business analysis of the system

• Release technical documentation Web version

• Release backend technical documentation

• Release UI/UX design documents

Phase 2 - In the next 4 months after approved

• Development servers ready

• Release technical documentation Android version

• Release technical documentation iOS version

• Release initial version of web project & backend project

Phase 3 - In the next 6 months after approved

• Release Blockchain technical documentation

• Release test reports of web version

• Release test reports of Android version

• Announce community to join bug bounty program

Phase 4 - In the next 8 months after approved

• Release test reports of iOS version

• Android app released on Google Play

• iOS app released on App Store

• Test and issue test report web version

• Decentralized Testnet launch, public announcement of the first 3 auctions

The source code of the project will be public at a given Github address. Anyone can access and check the objectivity and transparency of the system.

• Successfully building a decentralized auction platform (DApp) that ensures the transparency and anonymity of the auctions.

• Attracting the participation of all 3 parties, the auction house, the property owner, and the bidder.

• Successfully organize 3 sample auctions.

• Becoming a model DApp for auction business, and a standard example of transforming a traditional business into decentralized environment.

This is a new project.

SDG Rating

SDG goals:

Goal 8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

SDG subgoals:

8.2 Achieve higher levels of economic productivity through diversification, technological upgrading and innovation, including through a focus on high-value added and labour-intensive sectors

Key Performance Indicator (KPI):

11.2.1 Proportion of population that has convenient access to public transport, by sex, age and persons with disabilities

8.2.1 Annual growth rate of real GDP per employed person

#proposertoolsdg