You are viewing a single comment's thread from:
RE: [Pre-Announcement] Morphene Blockchain - [ICO] - Details Inside - Trust-less Online Auctions
I love the name very clever.
I have no idea from reading this, what application specific would mean and who the target audience is. :)
The mission of Morphene is to recreate online auctions in a Trust-less manner with full transparency.
The first version will only support auctions created with MORPH that pay out MORPH. Since the auction creator receives 10% of the auction payout when it is over (and the winning bidder gets 90%) there is an incentive for users to figure out the optimal auction duration and initial fee to be used when creating auctions.
Choose too low of a fee and users may not even bid on the auction. Choose too high of a fee and you will risk not making a token profit from your auction.
This concept is essentially a distributed environment that promotes competition and engagement between users. If the system is proven successful during version one, Morphene will evolve to support all major cryptocurrencies and essentially become a token exchange.
Over time, the auction format will also evolve and improve to allow users to rate sellers and bidders, sell physical items (like on eBay), and host donation auctions without having to manage them.
Sounds exciting! I'll follow along.