Evocar — cryptocurrency based auction

Online auction with its own cryptocurrency. The site provides detailed information about the lots and functionality that is necessary for their purchase.

Location

Germany

Our role

Web Development

Project duration

07.2018 - 01.2019

Type of work

Time and Materials

Evocoin №1

Location

Germany

Our role

Web Development

Project duration

07.2018 - 01.2019

Type of work

Time and Materials

Background

Before our collaboration, Evocar was selling spare parts and cars. The online car parts store decided to grow further and develop a startup to sell these and similar types of goods through an auction. The important condition is that information about the lots and their purchase must be stored within the blockchain system.

Tech Stack:

CSS HTML MySQL PHP Redis Yii2 Node JS

Number of sprints:

20

Tasks And Challenges

The transfer of information about the lot and its storage is a simple action when it comes to a regular website. But when a project is based on a blockchain, such capability is not an easy task to do.

The complex part of the task was to configure the Lot information storage in the blockchain system. The data had to be hashed since there is a limitation on the size of the stored info.

It was also necessary to ensure the portability of the token between different wallets and at the same time provide the commission repayment for the money exchange or transfer.

What we had to do:

  • - Develop Nodes to create wallets and store funds
  • - Create cryptocurrency by using a smart contract
  • - Ensure the safety and security of users’ funds
  • - Automatically insert lot data into the blockchain system
  • - Work through the logic of the auction
  • - Create functionality to support the process of buying and selling lots
Evocoin №2 Evocoin №3 Evocoin №4

Solution

Developers carried out all the work necessary to fully support the auction cycle and created an admin panel to control the process and collect statistics.

Ethereum platform was chosen to save information about the Lot in the blockchain system. On its basis, a unique cryptocurrency was created. It was named evocoin.

Since the blockchain system is not always stable, and Ethereum synchronizes nodes with a certain delay, we decided to provide permanent data backups. This ensures the safety of bidders’ funds.

What was done:

  • - Implemented a web version of the site
  • - Developed admin panel
  • - A node has been deployed to create wallets and store funds
  • - Necessary measures taken to secure user data and funds
  • - Created a unique cryptocurrency using a smart contract

Result

An auction for various products has been created. All the purchase action is ensured by previously issued cryptocurrency funds. It allows creating greater demand and to positively influence the rate of evocoin cryptocurrency. The platform has more than 2,000 active users currently.

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