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Leaderless Auctions

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Leaderless Auctions are decentralized auctions with no auctioneer. They address the “last look” problem that can emerge when one participant is allowed to act after all others. In a leaderless auction, all participants must commit to their bids at the same time. Any violation of this commitment leads to an attributable fault. Bids are threshold encrypted to avoid information leakage. Auctions can be finalized by submitting the results to a blockchain, where they can be efficiently verified via signature aggregation. For the purposes of this paper, we will use Ethereum. The protocol, similarly to Byzantine-fault-tolerant consensus protocols, assumes a predetermined participant set of which more than two thirds are honest. It also requires that participants can reliably get messages to one another within a fixed period of time (say, two seconds). If this latter assumption is violated, for example by a network partition, some honest parties may receive a fault. However, assuming such viol

Leaderless Auctions 02.13.2024 By Dan Robinson , Dave White , Ludwig Thouvenin , Karthik Srinivasan [L] Listen [S] Share Link , Markdown , X , LinkedIn Leaderless Auctions Leaderless Auctions are decentralized auctions with no auctioneer. They address the “last look” problem that can emerge when one participant is allowed to act after all others. In a leaderless auction, all participants must commit to their bids at the same time. Any violation of this commitment leads to an attributable fault. Bids are threshold encrypted to avoid information leakage. Auctions can be finalized by submitting t

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