We've just launched <a href="http://www.blockrun.com" rel="nofollow">http://www.blockrun.com</a> , a play on penny auctions built on top on the blockchain.<p>- Each auction has its own bid address<p>- Auctions last for a certain number of blocks
- When blocks reach 0, each new bid extends the auction by 3 blocks<p>- There needs to be 3 empty blocks for a winner to be declared (no bids for 3 consecutive blocks released by the Bitcoin network)<p>- The highest bid wins (we send winning, and losing transactions when you have been outbid)<p>- Winner creates a signed message to confirm they own the winning Bitcoin address<p>How it works: <a href="http://www.blockrun.com/how_it_works" rel="nofollow">http://www.blockrun.com/how_it_works</a><p>FAQ: <a href="http://www.blockrun.com/faq" rel="nofollow">http://www.blockrun.com/faq</a><p>Auction for 5 coins: <a href="http://www.blockrun.com/auctions/5-bitcoins" rel="nofollow">http://www.blockrun.com/auctions/5-bitcoins</a><p>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 :-)
First is auction about to end!<p>5 Bitcoins currently going for 0.09: <a href="http://www.blockrun.com/auctions/5-bitcoins" rel="nofollow">http://www.blockrun.com/auctions/5-bitcoins</a>