Education
How Blockchain Can Create Trustworthy Auctions: DomRaider
Auctions can be very tricky. Whether physical auctions or digital, bidding is done through a process of ‘hand raising’, and the one who has their hand up first is allowed to bid. The problem with that is that whether physical or digital, it’s difficult to determine who is first, and when they bid.
At the same time, domain names often lapse for companies, creating an opportunity for arbitrage, as those names can be reserved and then sold to the highest bidder. The general method for selling those is through auction.
DomRaider combines these two features as a very successful auction house for domain names that have expired or lapsed. The company scans for domain names that have expired, and then auctions those names through online auctions. Founded in 2013, the company is one of the most prominent players in the market space.