Contact Information
Carlos Fonseca
FAU
cfonseca2018@fau.edu
Alexander Berry
FAU
aberry2017@fau.edu
Fallon Falcone
FAU
ffalcone2019@fau.edu
Georges Borque
FAU
gbourque2015@fau.edu
Wyatt Roe
FAU
wroe2020@fau.edu
FOR IMMEDIATE RELEASE
FAU Students Introduce BID LOCK
Improved implementation involving multi-party computation
in online auctions allows for increased security to ensure
privacy and ease of use
MIAMI, FL - January 26, 2023 - With the alarming increase in exploitation
evident in traditional auctioning environments, (our product) aims to
modernize the dated structure of conventional auctions by increasing
trader security while maintaining ease of access for our customers.
Our system focuses on keeping the process of securing an auction easy
for Auctioneers to handle by letting them give authority to multiple
judges who will handle starting auctions and counting the bids.
When securing an auction, judges, in cooperation with our server,
will create a private key that will be spread between all parties through proprietary software.
Spreading this private key through secret sharing will allow for the
reconstruction of the key to occur only when all parties are ready.
The private key is important to protect as it allows for any encrypted bid
sent to the auction to be decrypted, our system prevents a malicious actor
from decrypting a bid without the rest of the judges being ready.
Key Features - What does it do?
- Secure bidding via the use of secret sharing
- Anonymous accounts
- Fast response, bidders are informed of a winner and the highest bid
- Browsing auctions
- Hosting auctions
The encrypted bidding application will be free to use for everyone.
The goal is to establish a marketplace that uses a bidding system where
the users can buy and sell goods. As of now, the application will be
made for Windows devices. But there may be plans in the future to make it
available to MacOS users.
Product tiers:
- The auction hosting feature will be available for free
- Multi-party auction hosting will be available for free
- All types of accounts will be available for free
