An on-chain English auction is an auction mechanism that takes place on a blockchain platform. In an English auction, the auctioneer starts with a low price and gradually increases it until a bidder is willing to pay the highest amount. The auction typically has a set end time, and the highest bidder at that time wins the auction.
In an on-chain English auction, the entire auction process is executed on the blockchain platform, and the bids are recorded on the blockchain. This ensures that the auction is transparent and tamper-proof, as all the bids and the final winning bid are recorded on the immutable blockchain ledger.
On-chain English auctions are commonly used in the sale of non-fungible tokens (NFTs) or other digital assets on blockchain platforms. They provide a secure, transparent, and efficient way to auction off digital assets to a global audience.