Public auctions are taking place all around the world.
Almost anything can be sold at auction. Some typical auction arenas include antique auctions, collectables (stamps, coins, fine art, etc.), wine auctions (rare wines and special vintages), real estate (farms, lots, land), equipment and machinery, commodities, livestock, wool, timber, generating rights, debt auctions and auto auctions - the varietyÂ is infinite.
There are many types of auctions, here are some:
English Auction -Â This the most common form of auction in use today. Participants bid openly against each other by calling out their bid amounts or submitting the bids electronically. The auction ends when no one is willing to bid higher, at which point the highest pays their bid amount and gets the item. A distinguishing feature of an English auction is that all bidders know other biddersâ€™ bid amounts. English auctions are often used for selling antiques, artwork, collectables and real estate. There must be at least two bidders at an English auction.
Dutch Auction -Â In a traditional Dutch auction the auctioneer begins with a high asking price and then lowers it until someone accepts the auctioneerâ€™s price. The winning participant pays the last announced prices. Holland is famous for its tulip auctions, which follow this format. Dutch auctions are also sometimes used for perishable commodities such as fish and tobacco.
Sealed first-price auction -Â In this type of auction all bidders submit sealed bids and the highest named price wins. Each bidder submits only one bid. Sealed first-price auctions are used in tendering for contracts or mining leases.
Vickrey Auction -Â The procedure is similar to the sealed first-price auction, but the winning bidder pays the second highest bid price rather than their own. This is similar to the proxy bidding system on eBay. Vickrey auctions are quite rare.
In order to participate in such auction, the buyer need to sit inside the auction room and bid. And afterwards pay once the auction is done.
And this is where "Remote Auction Via Mobile Money" comes in.
The idea to enable people to participate in any auction that takes place around the globe without even sitting there, using only a mobile device. In addition they can select the type of auction they wish to participate (English,Dutch, etc.)
Any potential buyer can register to an auctions that are taking place at the moment, or in advance registration, and once the auction is done, the money will be transferred automatically with the Mobile Money.
Furthermore, the app can show all the auctions base on location, and personal interests, such as Art,Wine, Antique and so on. Â Â