Detailed information about our platform processes, supply chain, user security, and mechanisms ensuring auction fairness.
At BlackBid, the Soft-Close mechanism ensures auctions conclude fairly and transparently. Here are the basic principles:
If the remaining time of the auction is less than 60 seconds and someone places a new bid, the counter instantly adds +60 seconds. This prevents anyone from closing the auction with a last-second move.
If another bid is placed within the extended time, the counter resets to +60 seconds. There is no limit to the number of time extensions; the process continues as long as competition persists.
Time extensions are reflected in real-time to all users; everyone has equal information via the same counter.
Soft-Close supports fair competition and transparency, which are core values of BlackBid. Here are the main reasons:
Prevents aggressive moves squeezed into the last second; stops those trying to gain an advantage with a single move.
The counter is visually refreshed, and all users are instantly informed with notifications.
Soft-Close prevents the auction from closing artificially early; the flow continues naturally as long as competition persists.
Users do not have to squeeze their bids into the last seconds; the system works consistently for everyone.
Let's examine how Soft-Close works with an example:
BlackBid meticulously records all bids and time extensions. These records provide transparent auditing in case of any dispute and confirm that the system operates fairly.
What you need to know about the Soft-Close mechanism:
Soft-Close is part of BlackBid's commitment to providing a fair and transparent auction experience.
Through this mechanism, we ensure an environment where everyone competes on equal terms, and the highest bidder wins the product they deserve.