Secure sealed-bid online auctions using discreet cryptographic proofs ★

This work describes the design and implementation of an auction system using secure multiparty computation techniques. Our aim is to produce a system that is practical under actual field constraints on computation, memory, and communication. The underlying protocol is privacy-preserving, that is, the winning bid is determined without information about the losing bids leaking to either the auctioneer or other bidders. Practical implementation of the protocol is feasible using circuit-based cryptographic proofs along with additively homomorphic bit commitment. Moreover, we propose the development of a Proof Certificate standard. These certificates convey sufficient information to recreate the cryptographic proofs and verify them offline.