A Blockchain-based Iterative Double Auction Protocol Using Multiparty State Channels

Although the iterative double auction has been widely used in many different applications, one of major problems its current implementations is that they rely on a trusted third party to handle process. This imposes risk single point failures, monopoly, and bribery. In this article, we aim tackle problem by proposing novel decentralized trustless framework for based blockchain. Our design adopts smart contract state channel technologies enable process among parties do not need trust each other, while minimizing blockchain transactions. specific, propose an extension original concept channels can support multiparty computation. Then, provide formal development proposed prove security our against adversaries. Finally, develop proof-of-concept implementation using Elixir Solidity, which conduct various experiments demonstrate feasibility practicality.