1：There were many similar auction items as early as 2017. What is the difference between us?
Auction uses DeFi technology, and the circulation of ACT is completely open and transparent. The total circulation of ACT is 100,000, of which 10,000 will be in circulation, and the remaining 90,000 will be automatically distributed in all auction mining pools. Among them, 8,000 of the 10,000 in circulation are injected into the uniswap liquidity pool, 1,000 are held by the technical team, and 1,000 are airdropped in the market.
2：Following the topic, apart from combining NFT, what else do we have different?
In traditional auctions, all those who participate in the auction will ultimately get only the auction item itself, which cannot create more value.
In the Auction auction system, all users participating in the auction can not only compete for the auction item, but also participate in the mining pool of the auction item to obtain more value.
3：How to participate in mining?
All users who want to participate in the auction activities go to the decentralized exchange uniswap to buy ACT tokens
Any user or team leader can initiate an auction in the decentralized DAPP. The auction amount and starting price are set by the initiator. The token being auctioned is ETH,
The user’s funds to participate in the auction are ACT
(For example, player A initiates 100 ETH auction activities in DAPP, then player A can set the starting price by himself, which can be set to 50ETH, 40ETH, 30ETH, etc.
For example, the starting price set by user A is 30ETH, then all users who want to participate in the auction can go to uniswap to purchase 30 ACTs of the same value to participate in the auction)
4：Mining ratio calculation
As long as a player initiates an auction on the DAPP, any global user can go to uniswap to buy ACT to participate in the auction. The amount of each user participating in the auction is:
On the basis of the auction amount of the previous user, an ACT equivalent to 30×1%=0.3ETH is added. (For example, the amount of the first user to participate in the auction is 30 ETH equivalent ACT, then the amount of the second user to participate in the auction
It is the value (30+30×1%)=30.3ETH equivalent ACT. If there is no user participating in the auction within half an hour, the bid of the highest bidder is successful, and the successful bid of the user means the end of the auction.
The 100 ETH auctioned on the chain is automatically sent to the wallet address of the successful bidder by the smart contract. All the ACT pledged by users participating in the auction and mining profits will be returned to the user’s wallet address.
After a single auction is over, 1% of the total amount of ACT participating in the auction is automatically sent to the wallet address of the initiator of the auction by the smart contract.
Users who participated in the bidding but did not succeed in the bidding automatically mine, and the mining income is not fixed, and it is estimated that 2 to 3 points. Auction is mining.
Take 20% of each auction revenue of the first generation of the market + 10% of each auction revenue of the second generation of the market
5：How to get more ACT?
Users can participate in mining, how to allocate the mining ratio? In fact, it’s very simple. The system uses an invitation system to apply. That is to say, all users must fill in the invitation code to participate. The mining ratio will be 30% to the inviter, and the remaining 70% will be earned by participating users. In other words, in addition to obtaining ACT from mining by users, inviting users can also obtain more ACT.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Bengaluru Bytes journalist was involved in the writing and production of this article.