Since the beginning of time there have always been auctions. Auctions have always been a source of revenue for many, while also offering a level of enjoyment for users. Then the internet took over the world, enabling the global population to interact in such a way, never seen before. Online auctions took the forefront of one of the largest profit generators, over the last 30 years. The team at Libonomy has focused their dedication to the online auction market by introducing their own auction solution, which will run off their independent blockchain.
Modern Day Disadvantage with Online Auctions Sites:
1. Failure to protect personal user data, with accompanied security/privacy breaches.
2. Extremely high percentage of malicious malware infecting personal computers.
3. Auction fraud, over 10 percent of users claim not to get their online auction products.
4. Refunds are problematic for users that experiences fraud, or users requesting a return of product.
5. Auction snipping, leaving many users choosing not to return to that online auction platform.
What creates this unique and diverse Libonomy blockchain? First is the concept of scalability. As the increases in user transactions take place, the entire blockchain will run more efficiently. Second is the self governing ability that will be controlled with artificial intelligence. This is known as the “Aphelion” consensus protocol. Third is the interoperability between various, pre-existing blockchains. This means a blockchain built on BTC or ETH will be able to work with Libonomy. Lastly, is the fairness users receive while utilizing the Libonomy blockchain, which is truly decentralized. These above four concepts, overlapping the idea of online auctions create a future in blockchain technology only being accomplished by this company. This offers users an assortment of beneficial abilities to protect their personal data, as well as to ensure all purchases are verified as real, accurate and correctly described by the auction site.
These combined efforts are creating a safer and more transparent online auction atmosphere which is vital to giving stimulation in auction industry sector. Recent articles, written in 2020 address the decline in online auctions due to the vulnerabilities already listed above along with decline of excited auctioneers. The Libonomy blockchain will contribute to online auction platforms like never seen before in history. Those online auction sites that look to achieve a sense of new found freedom should highly consider integrating the Libonomy blockchain into their business models.
Consumers are searching for better protection of personal data and faster transaction rates while using online auction sites. Both these dynamic request have been solidified to achievement through the team’s hard work and tedious endeavors to create the best crypto project, yet released to the public since the creation of Bitcoin. As a second wave mover, Libonomy will dominate much of the future crypto space, especially with the use of Artificial Intelligence that allows for the fixture of many known defaults. No other project can compare to this platform and the unleashed potential of this blockchain!
Telegram channel: https://t.me/libonomyblockchain
Reddit Channel: https://github.com/libonomy