Anonymous Sealed-Bid Auction on Ethereum

Abstract

In a competitive market, online auction systems enable optimal trading of digital products and services. Bidders can participate in existing blockchain-based auctions while protecting the confidentiality of their bids in a decentralized, transparent, secure, and auditable manner. However, in a competitive market, parties would prefer not to disclose their interests to competitors, and to remain anonymous during auctions. In this paper, we firstly analyze the specific requirements for blockchain-based anonymous fair auctions. We present a formal model tailored to study auction systems that facilitate anonymity, as well as a generic protocol for achieving bid confidentiality and bidder anonymity using existing cryptographic primitives such as designated verifier ring signature. We demonstrate that it is secure using the security model we presented. Towards the end, we demonstrate through extensive simulation results on Ethereum blockchain that the proposed protocol is practical and has minimal associated overhead. Furthermore, we discuss the complexity and vulnerabilities that a blockchain environment might introduce during implementation.

Anonymous Verifiable Sealed Quotation Auction Based on Blockchain

“…theory, and implemented it on the Ethereum [15] .Sarfaraz and others built an open bidding framework for blockchain, and used elliptic curve encryption and dynamic password accumulator encryption algorithms to strengthen the security of both auction parties [16] .Abulkasim combines quantum computing and blockchain technology to design a sealed bid auction protocol [17] .Sharma applies ring signature technology and zero-knowledge proof to sealed bidding auction. Ring signature provides anonymous and zero-knowledge proof of bidding to ensure the correctness of the insured [18] .Li et al put forward a sealed bid auction scheme based on blockchain, which uses Pedersen to promise to protect the bidder's bid price from being leaked, and uses zero-knowledge proof protocol to verify the correctness of the winning bid price [20] .Chen et al combined zero-knowledge proof with anonymous veto network to construct a blockchain sealed auction scheme with bid price privacy and public verifiability [19] .…”