Open Source Auctions Smart Contract

[IMPACT] Please describe your proposed solution.

The smart contract we intend on creating would cater to the following possibilities:

1.  Allow assets to be auctioned with the following options
2. Reserve Price
3. Starting Price
4. Minimum Increment
5. The contract would allow multiple tokens to be entered as payment:
6. ADA
7. FTs
8. Currencies/Tokens
9. The contract would allow auctions in the following format:
10. English Auction
11. Dutch Auction

Some functionality may need to be removed depending on current on-chain limitations.

[IMPACT] Please describe how your proposed solution will address the Challenge that you have submitted it in.

The contract once open-sourced would help developers in the ecosystem create their own tools and platforms. Apart from that, this contract combined with our other open-sourced contracts would allow for innovations and expansions by the community.

[IMPACT] What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?

The biggest challenge in executing this project is to ensure security and battle testing the contract so it can be trusted by the community at large.

[FEASIBILITY] Please provide a detailed plan, including timeline and key milestones for delivering your proposal.

The project would be executed over a time period of 4 weeks internally with an expected 4 week timeline from the third party smart contract auditing company.

[FEASIBILITY] Please provide a detailed budget breakdown.

Our budgets are divided into four major categories, employee costs, overheads, smart contract specialist fee and auditing fee.The costs can be broken down as follows:

Employee Costs: 2800 USD/Week

Smart Contract Specialist: 20,000 USD

Contract Audit: 40,000 USD

Overheads: 700 USD / Week

Overheads include hosting, unexpected delays, marketing costs, tutorial development and more.

[FEASIBILITY] Please provide details of the people who will work on the project.

To execute the proposal we will be using 3 core resources as follows:

1. In-house Full Stack Engineer
2. Jonathon Fischoff [Plutus Contract Specialist]
3. Runtime Verification [Auditing Firm]

[FEASIBILITY] If you are funded, will you return to Catalyst in a later round for further funding? Please explain why / why not.

The submission is a one time funding request to execute the proposal. We do not foresee us returning to Catalyst for further funding in regards to this proposal.

[FEASIBILITY] Are you or any member of your team working on any other proposals in this Fund9?

[FEASIBILITY] Are you or your team working on any other proposals from previous Funds?

[AUDITABILITY] Please describe what you will measure to track your project's progress, and how will you measure these?

We build our tools and features in a modular manner while testing each part as it is built and retesting as it starts to communicate with other modules. We will be tracking these milestones internally and inviting our beta testers to provide feedback on usability and functionality as soon as our project reaches a state of readiness.

We are also driven to run the project in a user-centered manner, listening to our users and various stakeholders throughout the process to ensure the end product is what the community at large desires.

[AUDITABILITY] What does success for this project look like?

A working smart contract with the defined features that is available to the Cardano community to use as they see fit.

[AUDITABILITY] Please provide information on whether this proposal is a continuation of a previously funded project in Catalyst or an entirely new one.

This is an entirely new proposal.