Morphene Auctions Demo Site is Live

https://morphene.io/auctions

If you are interested in the Morphene Blockchain and would like to trial out the auctions implementation prior to launch, you are in luck. The auctions demo site is live with sign ups enabled.

How to Get Started

Visit https://morphene.io/auctions and click the yellow "sign in" button at the top right of the page. You will be redirected to the AWS Cognito enabled sign in / sign up form.

You can choose to login with a Google account, or you can click "sign up" and create your own account using a valid email. After creating your account you will need to confirm your email address to finalize (Google users do not need to confirm after signing up).

Upon signing in you will be redirected back to the auctions site where the page will detect your user session. This user session will be used to activate your chain account.

When you first login, your chain account may not yet be created. However, the page will automatically update when the chain account has been created and you will see a new "place bid" button appear on the auction listings.

During the demo the active key should not be changed or you will be unable to test further. There will be no support to reset test accounts; if you break your account make a new one... It's a test network after all

How Morphene Auctions Work

Morphene Auctions can be created by any user in the system. The auctions require the user provided values: consigner, permlink, start_time, end_time and fee.

When an auction is created, the chosen fee will be deducted from the auction creator, (consigner). Morphene Auctions have three states: pending, active, and ended. The auction will become active when the start time is in the past and the end time in the future.

When the auction is active it is possible for users to begin placing bids. Each bid will deduct 1 MORPH from the bidder, will increment the auction value by 1 MORPH, and will add 10 seconds to the auction end time.

Bids cannot be placed on auctions where the bidder is already the current bidder.

Morphene Auction Payout Structure

In the initial launch, Morphene Auctions will be created with MORPH and will pay out MORPH. The auction consigner will receive a 10% payout of the total auction value when the end time is reached and the winning bidder will receive a 90% payout.

How to Bid

After logging into the demo site, users will be able to place bids on auctions by clicking the yellow "Place Bid" coin icon on the auction listing. During the demo, there will be no confirmation on placing a bid, however errors will be properly handled.

Morphene Auction Theory

The decision to allow auction fee to be set to 0 if the user chooses was made to give the network the ability to figure out by itself what auction format is most successful. If the fee is set too low, the auction may not gain much traction with bidders.

Another important aspect is the decision of the user to choose the auction duration by setting the initial start time and end time. An auction with too long of a duration may not interest users, while an auction will too short a duration may end before being seen.

Since you are able to receive MORPH for creating auctions, users may find there is a sweet spot of the above options to get the highest payout without even having to place bids.

Witness Applications

Morphene witness applications will be accepted prior to mainnet launch. For more information regarding witnesses you can visit https://morphene.io and join the mailing list.

Feedback

If you encounter major issues you can either leave feedback here in the comments, reach out to [email protected], or find us on Telegram at https://t.me/morphene_chat

Looking forward to seeing what kind of cool tricks users can find out with the Morphene system. Don't be shy about trying edge cases!

It seems I'm missing something here:

"The auction consigner will receive a 10% payout of the total auction value when the end time is reached and the winning bidder will receive a 90% payout."

What is being auctioned? MORPHS?

Where do they come from? Do they belong to the Consignor?

Where do the MORPHS come from that the Bidder uses?

EXAMPLE: Consignor auctions 100 MORPH, winning Bidder bids 50 MORPH, Consignor gets 10 MORPH, Bidder gets 90 MORPH. Bidder spent 50 MORPH to win 90 MORPH, Consignor spent (?) 100 MORPH to win 10 MORPH?

Why would someone auction off 100 MORPH to win 10 MORPH?

Why would someone ever bid more than the value of 90% if the MORPH being auctioned?

Will we be able to auction things other than MORPHS, other than crypto?

Thanks for clarifying 😊

@morphene-io

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