centralized. They may contain security vulnerabilities that can be exploited by malicious parties. <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">Decentralized, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain-based e-auctions offer a higher level of security, and the auction process is more efficient.</p>\n<p>Digital platforms allow for opportunities to auction cryptocurrencies and other blockchain-based assets. During auctions, cryptocurrencies are typically sold at a lower rate than the market price. Crypto assets that are auctioned off are usually reclaimed from criminal cases.</p>\n<p>At the start of the auctioning period, investors must register and input their bids. The winning bidder has to pay for the asset within a specific time period. 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AR systems can make virtual items appear as three-dimensional images in the real world.</p>\n<p>Augmented reality differs from <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-virtual-reality-vr/">virtual reality (VR)</strong></a> as AR only alters the perception of the world with digital technology, while VR replaces the real-world environment with a virtual space altogether.</p>\n<p>Augmented reality has been applied to various <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain-based systems</strong></a>, applications, and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-token/">tokens. Perhaps the most prominent use of AR is the development of digital assets known as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-non-fungible-token-nft/">non-fungible tokens (NFTs)</strong></a>.</p>\n<p>Non-fungible tokens are unique assets that cannot be traded for another token of equal value. They are often described as digital collectibles and in some instances can even be personalized. Most types of digital objects, like images or audiovisual files, can be used to create an NFT.</p>\n<p>Some NFTs utilize AR technology. This functions as a visualization of the digital item that the token is tied to. NFTs created using 3D rendering software may be visualized in the real world using special websites or apps. NFTs made with AR or 3D technologies can be perceived as small-scale virtual reality experiences.</p>\n<p>AR-based NFTs have become increasingly popular among both visual artists creating them and the buyers. AR and 3D NFTs add another spin to the uniqueness of the tokens. They may be valued at a higher rate due to the technology involved in creating them and their possible <strong>interactivity</strong>.&nbsp;</p>\n<p>NFTs can help artists interact with their possible sponsors or fans directly, as they can sell the art without involving a third party. Furthermore, creating an NFT of 2D art does not require extensive technical expertise or immense knowledge about crypto or blockchain.</p>\n<p>AR NFTs are more technologically complex as they require the visual signals responsible for letting digital objects appear in the real world to be integrated into the token.</p>\n<p>The development of NFTs that use AR technology may be perceived as a transitional step into <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-metaverse/">metaverse, a type of virtual reality that is expected to heavily utilize NFTs for user personalization and as digital collectibles.</p>","level":"medium","meta_title":"What is Augmented Reality (AR)? 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This requires both parties to find a reliable exchange service. Centralized exchanges are flawed as they can experience downtime if the demand surges. They also are subject to state regulations, which vary from country to country.</p>\n<p>Unlike CEX services, atomic swaps allow traders to exchange cryptocurrencies directly from one wallet to another. Atomic swaps utilize a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contract</strong></a> developed for decentralized exchanges (DEX).</p>\n<p>Atomic swaps are one of the most decentralized cryptocurrency exchange methods. <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-automated-market-maker-amm/">Automated Market Maker (AMM)</strong></a> DEXs usually rely on centralized liquidity pools to enable trading. The transaction speeds are faster than other services.</p>\n<p><strong>Atomic swaps use</strong> <strong>hash timelock contracts (HTLC)</strong>, which contain a hashlock that&rsquo;s used to lock and unlock the deposited crypto. The only party that holds access to the hashlock key is the depositor. Atomic swaps also have a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-timelock/">timelock that sets an automatic return of the funds to the depositor in case the parties do not complete the transaction within a specific timeframe.</p>\n<p>When an atomic swap occurs, only two scenarios are possible. In the first scenario, both parties receive the funds, and the transaction is successful. In the other scenario, nothing happens. Both parties retain their funds, discounting the transaction fee. <strong>Atomic swaps are among the most secure methods of trading digital assets.</strong></p>\n<p>To initiate an atomic swap, one of the two parties involved creates an HTLC address to deposit their cryptocurrency or tokens. A passcode and a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-hash/">hash are automatically generated. Party A forwards the hash to Party B. Party B can then use the hash to generate an address of their own.</p>\n<p>Party B deposits their assets in their address which Party A can access with the initial password. The contract then automatically forwards the passcode to Party B to access the assets that Party A had deposited.</p>\n<p>Both parties have to sign the contracts within a specific time period. If the contracts remain unsigned, the deposits are returned to each party and the transaction does not proceed.</p>\n<p>Traders can use atomic swaps on-chain to trade different native coins throughout different blockchains. Atomic swap technology is considered to be protocol agnostic. This means that different crypto assets, like <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin (BTC)</strong></a> and <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum (ETH)</strong></strong></a> can be swapped without relying on wrapped tokens or opting to use a centralized exchange.</p>","level":"medium","meta_title":"What is Atomic Swap? 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Crypto Terms: Letter A

What is Auction?

Auction MEANING:
Auction - a public sale of assets that are sold to the highest bidder.
Hard
3 minutes

Let's find out Auction meaning, definition in crypto, what is Auction, and all other detailed facts.

An auction is a sale event that occurs live, in person or online. Participants aim to purchase goods or property through the means of bidding.

The parties involved in an auction are the auctioneer who is in charge of the bidding process and the bidders who aim to purchase the property on display. When the asset or commodity is first presented at the auction, the auctioneer opens the floor with a set opening bid, which is the lowest amount possible to pay.

After the opening bid is set, interested parties can bid higher prices until no one offers a higher bid. The highest bidder is declared the winner of the auction and receives ownership of the asset. The more bidders take part in an auction, the higher the chances are of competitive bidding with larger sums offered for the asset.

Auctions have a long history, dating back to Ancient Greece. While the format has evolved over time, some fundamentals have stayed unchanged. At the start of the event, the bidders can preview the assets on sale and determine if they wish to purchase them. Typically, bidders receive individual bidding cards upon registration.

Dutch auctions are a format of auctioning where the bidding happens in reverse order. The opening bid is set at a high price. The auctioneer calls a progressively lower price until one of the participants accepts the price or, in some cases, until it reaches a predetermined limit, also known as the reserve price.

Some auctions, known as electronic auctions or e-auctions, occur on digital platforms, where users post images of an item on sale, and bidders can submit their offers online. These platforms allow users to set a time limit for the auction. Once the auction time limit expires, the highest bidder is able to pay for the item.

Electronic auctions are typically centralized. They may contain security vulnerabilities that can be exploited by malicious parties. Decentralized, blockchain-based e-auctions offer a higher level of security, and the auction process is more efficient.

Digital platforms allow for opportunities to auction cryptocurrencies and other blockchain-based assets. During auctions, cryptocurrencies are typically sold at a lower rate than the market price. Crypto assets that are auctioned off are usually reclaimed from criminal cases.

At the start of the auctioning period, investors must register and input their bids. The winning bidder has to pay for the asset within a specific time period. In order to receive the auctioned assets, bidders must hold a digital wallet. In many cases, they have to cover the transaction costs to have the asset deployed in their wallets.

Auctions for non-fungible tokens (NFTs) are becoming increasingly popular. They function similarly to other digital auctions, with a set bidding period and the reward going to the highest offer. The winners receive the NFTs in their digital wallets.

Some NFT auctions involve physical items. In these cases, the auctioneer may keep the physical item but the NFT serves as the ownership proof for the highest bidder.

During blockchain-based e-auctions, the data of the event is recorded on the blockchain. If any changes occur to the auction data, they have to be verified using a cryptographic digital signature. The public blockchain receives the digital signature for backup.

The digital signature changes any time the data on the blockchain is altered. This allows the auction data to remain transparent and accessible to anyone who wants to inspect it. The mechanism of altering the digital signature with each change keeps the auction data secure from hacking or fraud attempts.