@abarmat abarmat released this Dec 13, 2018 · 33 commits to master since this release

Assets 2

Summary

This release introduces the Second Auction, you can now buy one of the remaining LANDs from First Auction!

Dutch Auction

The Second Auction will work as an on-chain Dutch Auction.

A Dutch auction is a type of auction in which the item or items being sold are set at an initially high price. The price is then incrementally lowered at a predetermined rate.

Anyone participating in the auction simply purchases the item whenever it reaches a price they accept. There is no bidding, or “bid wars” in Dutch auctions.

Eventually, any unsold items are reduced in price until they reach a predetermined reserve price, where they will sit until they are purchased or the auction ends.

This is different from traditional auctions, in which the price gradually increases as individuals make bids, competing against each other, or a timer, until someone “wins” the item.

https://decentraland.org/blog/technology/how-will-the-land-auction-work