@inproceedings{63c1f85f5fbe407a9cfe7781d181b6df,
title = "Riggs: Decentralized Sealed-Bid Auctions",
abstract = "We introduce the first practical protocols for fully decentralized sealed-bid auctions using timed commitments. Timed commitments ensure that the auction is finalized fairly even if all participants drop out after posting bids or if n − 1 bidders collude to try to learn the nth bidder's bid value. Our protocols rely on a novel non-malleable timed commitment scheme which efficiently supports range proofs to establish that bidders have sufficient funds to cover a hidden bid value. This allows us to penalize users who abandon bids for exactly the bid value, while supporting simultaneous bidding in multiple auctions with a shared collateral pool. Our protocols are concretely efficient and we have implemented them in an Ethereum-compatible smart contract which automatically enforces payment and delivery of an auctioned digital asset.",
keywords = "auctions, blockchains, range proofs, timed commitments",
author = "Nirvan Tyagi and Arasu Arun and Cody Freitag and Riad Wahby and Joseph Bonneau and David Mazi{\`e}res",
note = "Publisher Copyright: {\textcopyright} 2023 Copyright held by the owner/author(s).; 30th ACM SIGSAC Conference on Computer and Communications Security, CCS 2023 ; Conference date: 26-11-2023 Through 30-11-2023",
year = "2023",
month = nov,
day = "15",
doi = "10.1145/3576915.3623182",
language = "English (US)",
series = "CCS 2023 - Proceedings of the 2023 ACM SIGSAC Conference on Computer and Communications Security",
publisher = "Association for Computing Machinery, Inc",
pages = "1227--1241",
booktitle = "CCS 2023 - Proceedings of the 2023 ACM SIGSAC Conference on Computer and Communications Security",
}