A practical solution for sealed bid and multi-currency auctions

This paper introduces a sealed bid and multi-currency auction using secure multiparty computation (SMC).

Two boolean functions, a comparison and multiplication function, have been designed as required to apply SMC. These functions are applied without revealing any information, not even to trusted third parties such as the auctioneer. A type of Zero Knowledge proof, discreet proof, has been implemented with three variants, interactive, regular and reduced non interactive proofs. These proofs make it possible to verify the correctness of the functions whilst preserving the privacy of the bid values. Moreover, a system performance evaluation of the proposal has been realized on heterogeneous platforms, including a mobile platform. The evaluation concludes that our proposal is practical even on mobile platforms.