iBid, Auction-based platform backed by the Distributed Ledger Technology (DLT)

[rezanahvi]

iBid, An auction-based platform backed by the Distributed Ledger Technology (DLT)/blockchain technology

iBid is an auction-based platform backed by the Distributed Ledger Technology (DLT)/blockchain technology. The platform’s major goal is to create a new medium for auctions whereby the end-users wouldn’t have to overbid or try to manipulate the bidding process.

Introduction:
The Blockchain now plays a prominent role in the world of an auction. Auctions are the next best method to do a deal on a commodity. Our world is a place where every day, plenty of new commodities get released for the consumers use, like oil and soya. These commodities are synonymous, as oil at one place is exchangeable for a barrel from another place as an exchange for an item to another. Exchanges play a major role by equaling with the market price. This directly affects the supply with demand for these goods.
Those goods which are unique cannot have a quoted price because of the attributes they maintain. Due to this factor, the market that can quote an efficient price for every unique item according to the standards. Therefore online platform like eBay is the hub to do the auction. As per now, it gives out the best price for the seller, thereby making it a success.
There are plenty of exchanges for goods and mostly represented by tokens. In this digital era, it is very easy to find an exchange to buy tokens like Bitcoin. Now the distributed apps and established platforms assemble at the blockchain. Once it’s done it will all merge as one. On the basis of metadata acquired there will be a base for non-changeable unique goods. The best way to find goods at a price according to the will of the owner is to always go by the process of this auction as to achieve the best deal.

Blockchain
A blockchain is a distributed database that maintains a continuously growing list of ordered records called blocks. The records can contain all sorts of data, for example transactions. When data in a block is recorded it cannot be modified. Before data can be recorded in a block the majority of participants has to approve the transaction (Nakamoto, 2008). Bitcoin is the first real-world application of blockchains. It requires no trust between participants. Each participant in the network has one or more wallets. A wallet consists of an asymmetric key pair. The public key also serves as an address to send coins to, comparable to an account number in the traditional banking system. When sending a payment to the network, the payment is signed with the private key of the sender. Then, the payment will end up in a pool of pending transactions.

Auction & Blockchain
An auction is a method to sell products in which a seller proposes goods or services for sale, and bidders present the amount they are willing to pay for it.
The best place to run an auction is a decentralized platform so that the owners or the company can have a direct entry to this occurrence. Users can auction off anything on the chain that is available to them. The smart contract takes holds the auctioned asset and thereafter it manages bids associated.
With Bitcoin and Ethereum, the blockchain technologies are nowadays a key component of the modern digital world. Essentialy, a blockchain is a distributed and decentralized ledger that does not allow the modification of data stored in it without the consensus of the peers. This property is generally called immutability and it clearly is a key feature for auctions based on the blockchain technology. Moreover, several blockchain platforms support smart contracts that can be defined as secure and unstoppable computer programs that represent an agreement to be automatically executed and enforced.

iBiD
iBiD is a decentralized platform for conducting blockchain auctions of products or assets in real-time. iBiD has created an online platform for peer-to-peer auctions by creating a decentralized platform (in the blockchain portfolio) through its blockchain structure, from the start of the auction to the delivery of money and goods in a transparent and transparent manner. Highly secure, the platform has been expanded to be open source so that programmers can easily provide services on the platform and help develop its blockchain on a daily basis. The iBid ecosystem is very diverse and comes in many forms, for example: decentralized exchange, decentralized games, DAPP, wallet, P2P loan, iBid privacy, blockchain auctions and ...

The workflow is as follows:
• Seller is the candidate or the user who creates the auction
• The Seller defines the ownership of the asset to auction contract with the commencement of the auction, thereby activating it.
• The users who take part in the auction bid on the item, and if the amount raises more than the bid amount it is available for withdrawal process.
• At the end of the auction, if the reserve price hits, the winner receives the item. If not then the opposite.
The digital auction is now being a trend and has global followers who believe that this is the next big thing.

iBiD Plafrorm Key Feature:
• iBid operates on a decentralized platform with all benefits of blockchain technology
• iBid works as a non-profit model
• Mix forms of digital asset ecosystem (Gaming Decentralize, DAPP, wallet, P2P Lending, iBid Privacy, Auctions on blockchain,..)
• Affiliate marketing model and MLM - Multi Level Marketing
• MLM system marketers for marketing for floors will have 8 levels to work with
• Website platform and applications for IOS and Android smartphones
• E-commerce floor model, 10s reverse auction.
• Individuals who contribute to iBid's ecosystem such as token holders will gain profit which is appropriate to their dedication to the company.

IBidtowin ecosystem
• Reverse auction 4.0 - iBidtowin Auction 4.0
• Decentralized Applications (DAPP)
• Decentralized trading platform iBid - iBid Decentralized Trading Platform
• Security platform - iBid Privacy
• IBid peer-to-peer lending platform - iBid P2P Lending
• IBid Payment Gateway - iBid Payment Gateway
• Property ownership - iBid Property

How to make a bid?
The steps below will lead you by the hand until you make your first bid(s):

1- Sign Up
Bidding on auctioned products on iBid is exclusive to registered users. Therefore, the first thing you must do is to sign up for an iBid account.

2- Purchase Bids
iBid stipulates that interested participants in the auctions must indicate their interests by bidding for the auctioned products. That can only be done by bidding for those products using the bids that must have been purchased on iBid.
Ideally, iBid retails or sells the bids for $0.13 per bid. Also, you need $0.10 to bid for a product. The value of the bids on products keeps increasing by $0.10 provided another person bade for the same product after you did. Therefore, you should buy enough bids that will help you to continually bid for products until you n win or buy the products in view.

3- Choose Products
There are many products available on iBid. They are sold at discounts to those that bade for them.
Some of the products that you can bid for on the broader iBid decentralized auctioning ecosystem are:
• Laptops
• Wall clocks
• Cameras
• Wristwatches
• Television remotes
So, what you will have to do here is to go through the list of available products to be auctioned. You have to ensure that the products are what you want. Otherwise, you will have to leave the auction for some other time when the products you want to buy (at a discount) are listed on the platform.
Therefore, select or choose the products you will be happy to buy without breaking a bank and proceed to the next step.

4-Place Your Bids
The fourth step is to place your bid for the auctioned products you want to buy. Have in mind that the default value set by iBid is $0. Also, an incremental value of $0.10 applies to bids placed after that.
So, the first bid you will place should be a minimum of $0.10. Once you have done that, the timer on iBid will automatically start counting down to 10 seconds. The idea is that if no other person bids for the same product, you will be eligible to purchase it at the amount you bade.
Otherwise, if another potential buyer bade $0.20 after your initial bid, it means that you will have to make another bid within 10 seconds so you can be the next bidder to be favoured. In that case, your next bid will be $0.30, which is keeping in line with the incremental value of $0.10 for additional bids to the previous bids.
It continues that way until no other person bids for the product so the last bidder becomes eligible to pay for the product at the bid rate.

5- Win the Product
If no other person bids for the same product you are bidding for, it means that you will become the winner. All you have to do here is to pay for the product using the last amount you bade.
Assuming your last bid was $0.50, it means that you will only pay $0.50 to buy or purchase that product even if the original amount is $500.

How to Become an iBid Affiliate
If you are good at marketing, especially Multi-Level Marketing, there is a chance that you will be interested to use iBid. Now, the first step is to sign up and register for any of the affiliate packages that you can afford.
Some of the available packages on iBid are:
• Bronze Pack
• Silver Pack
• Gold Pack
• Platinum Pack
• Diamond Pack
• Ruby Pack
• Grandmaster Pack
• Legend Pack

Roadmap
Hacken has a road map, which is below.

iBid Token
• Name token iBid
• 1 iBid = 1 USDT
• Total supply 100 million within 10 years, first year 16%
• 100% tokens will be airdrop to the developer community, not sold
• Token Utility - Utility token
• Using the Ethereum Blockchain platform
• Launched a private mainet on 6/2021, from there transferred the token to iBid Coin

iBid social channels:
https://www.ibidtowin.co/
https://ibidtowin.com/iBid-Pitching-Desk.pdf
https://t.me/ibidtowin_co
https://t.me/ibidtowin_com

Authors info:
Bitcointalk username: nedamihami
No links to other forumsindex.php?action=profile;u=1813789;sa=summary

[rezanahvi]

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[krypto4uvak]

Great project with a great future. I think if they succeed, then the project will be needed by society. For now, let's continue to watch him.

[CryptoHi]

Great project with a great future. I think if they succeed, then the project will be needed by society. For now, let's continue to watch him.

Thanks for your positive comment.

[rezanahvi]

Up..............

[rezanahvi]

Up.................

[Jaephoenix]

There are many auction sites, and much more in the crypto space. Most are just plain dross. Only few have potentials. I don't know about iBid anyway

[@chison]

So many reports have show that' ibid is not doing well. The bounty programme looks abandoned. The project really disappointed whole lots of person.