Auction houses didn’t just start today. In fact, popular history has it that auction houses have existed since 500BC and have evolved into an industry that’s capable of being the bedrock of other industries. It must be pointed out that the industry started as a luxurious concept that was only accessible to the wealthy and highly placed, which is still the same until today with many trust issues and lack of transparency.
All these are the background against which Portion was created, as a digital auction house that uses decentralized technology to disrupt the present auction sales protocol.
Portion is a company employing the decentralized power of blockchain technology to provide a platform that’s trusted and transparent for creators and collectors of auction exhibition. The company intends to empower bidders, creators, and collectors with an authentic and secure means to exchange goods of high value for the cryptocurrency.
Characteristics of Portion
As the first in its class, Portion is doing well in offering the following:
1) Unparalleled Transparency: The auction industry has for so long had issues regarding transparency of sales process. Portion is bringing a blockchain powered solution that will permeate every aspect of the industry, to remove the concern for lack of transparency.
2) Payment In Cryptocurrency: Cryptocurrency is currently a big deal. It is rocking the world in so many sectors. Portion will make use of its cryptocurrency as a real value to validate proof of funds. It will be the sole means, through which users will be allowed to bid on items on the platform. For every completed auction, funds are held in a smart contract and will be made available when goods get to winners.
3) Trusted Bidding Process: For so long, a lot of people have been dissatisfied with the traditional bidding process that only favors the rich and classy. Portion seeks to stop this by providing an auction process that’s online and will follow a model of blind bidding. This way, collisions will be mitigated and shill bidding drastically reduced. Through this process, auctions biddings will be very fair and transparent, as such creating a win-win situation for every party.
4) Accurate Representation and Authenticity of Goods: as expected, the platform has rolled out mechanisms to ensure that goods auctioned on the platform are authentic and represented appropriated. Authentication is based on a proof system, where users are interviewed, asked to demonstrate credibility, and provide reference numbers before they are issued Portions auction certificate.
The Portion Token and ICO
Portion is launching with a seed fund of $5.5 million from institutional investors. The company’s investors have a strong belief in its ability to be the solution in the auction of arts and other collectibles. The platform promises to blend physical goods with digital products. More details will be provided on the Whitepaper and Website about the Portion token; The PORTI token. See an interview with the co-founders of Portion.
With the Portion platform’s launch, a new wave has been created in the Auction Industry. It is left to see how fast other platforms reciprocate to this to bring a lasting solution to the means of getting arts and collectibles.
Find out more on the website: http://portion.io/
