DRT-DomRaiderDetailed Description

DRT-DomRaider Detailed Description

The DomRaider Network is an open source blockchain dedicated to real-time decentralized auctions. It will be transparent, reliable, adaptable and interoperable without compromising speed. The DomRaider network is not only designed to register auctions and bids. This is the core of a complete new auction ecosystem designed to provide innovative solutions to all global auction players. Live auctions, escrow, appraisal specialists, delivery services and online auction providers will all be able to join the network, offer their services and add value to the blockchain.

Project Introduction

DomRaider launches a new, open decentralized platform dedicated to real-time management of any auction in the world, whether it is online or an auction house auction. We hope to build an ecosystem where everyone can participate, such a platform will have unlimited functional possibilities and great potential. Virtually everyone can use the platform to sell, bid, organize auctions or provide services. Therefore, the functionality of our platform will gradually improve and expand rapidly with widespread adoption by society and auction professionals.

Project Features

Scalable, reliable and transparent - Thanks to the distributed repository protocol, every operation will be registered with the network in a way that is transparent, publicly verifiable and nearly impossible to forge.

Interoperable - By using only one interface, customers will be able to participate in auctions held by various auction organizations around the world. In this way, each bidder can choose the one that is most convenient for him/herself from among numerous applications or interfaces, and follow or participate in any auction in the world without changing their habits. This interoperability can also be linked to other distributed repositories, for example to handle identity or context data.

Fast - To maintain compatibility within the "real-time" constraints of live auctions hosted by appraisal auctioneers, the blockchain will provide detailed technical consensus mechanisms to ensure that each higher bid will be processed in less than 1 second verified within a time period.

Extremely low transaction costs - the chosen technical consensus mechanism will ensure transactions with higher bids, reducing the cost of transactions based on new tokens.

Application scenario

DomRaider's auction platform for expired domain names (digital assets) is not only stable, but also internationally recognized. By itself, a decentralized platform will be a low-level platform. Only when bidders and higher bidders create deals does it provide the technical foundation needed to register deals.

But due to its open standards, it is possible to extend its functionality by adding a large number of additional layers and modules. For example, some of the functions listed below:

Limited Time
Anti-Malicious Auction
Incremental
Payment Protection
KYC Customer Identification
Legal Restrictions
Escrow
Instant Buy
Reserve Price
> Bidding Auctioneer Remuneration
Batch Display of Auction Items
...

Designed by proactive players in the auction industry, DomRaider solutions respond immediately to industry needs. Professional auction organizers will be keen to connect their systems to the DomRaider network as this will help them acquire new buyers quickly. As the number of buyers increases, the price of its auction items will also rise, thereby obtaining more benefits.

Furthermore, DomRaider's solution does not require them to suddenly leave the system they are used to operating, but instead divides the whole process into different functional stages, allowing people to adapt and adopt the platform gradually. For example:

1. Simply and directly publish auctions on the DomRaider platform, and customers cannot participate in auctions for the time being;
2. Customers who have registered with the sponsor can publish and participate in auctions;
3. Customer participation and payment (notes or digital currency);
4. The platform is open to everyone, and transaction security is guaranteed through payment guarantees;
5. The platform is open to all payment service providers, trusted third parties and delivery service providers...

Because of its open and standardized features, anyone can provide interface or service-related sales to get corresponding compensation. For example, a mobile developer could design and deliver an app that serves as a common interface for all blockchain auctions. They can make money by automatically deducting a portion of sales made through the app as a commission.

DomRaider's expired domain name squatting and auction business will be migrated to the new blockchain platform under development in the near future, so as to verify and enrich the network functions. As a result, domain names will be the first digital assets available for purchase on this decentralized auction network. Auctions organized by DomRaider are first migrated to the blockchain network. After launching the network with a limited and controlled number of nodes (an included latency network) and developing the first interface for auction organization and participation, we will arrange for the migration of the existing DomRaider domain name platform and ensure its compatibility with The compatibility of the decentralized network, while switching the original domain name auction customer base to the platform.