We've just launched
http://www.blockrun.com , a play on penny auctions built on top on the blockchain.
- Each auction has its own bid address
- Auctions last for a certain number of blocks
- When blocks reach 0, each new bid extends the auction by 3 blocks
- There needs to be 3 empty blocks for a winner to be declared (no bids for 3 consecutive blocks released by the Bitcoin network)
- The highest bid wins (we send winning, and losing transactions when you have been outbid)
- Winner creates a signed message to confirm they own the winning Bitcoin address
How it works: http://www.blockrun.com/how_it_works
FAQ: http://www.blockrun.com/faq
Auction for 5 coins: http://www.blockrun.com/auctions/5-bitcoins
We're always looking to improve, so if anyone has any feedback (e.g. "WTF is this, how does it work??), or thoughts are much appreciated :-)
