-TEN PROTOCOL-

Ten is a Layer 2 rollup for Ethereum, offering hyper-scalability and encryption. It enables both public and private elements without altering the user or developer experience of Ethereum smart contracts.

-Use Cases-

The applications deployed on the TEN network have a broad range of use cases; however, the recurring theme is to maintain privacy to establish fair markets.

-Private Auction Bids-

In private auction bids, bidders submit their best offers confidentially within a sealed envelope. The bids are opened by the seller in secret, ensuring that bids are not revealed to other participants, preventing the item from being undervalued if all bids are too low to be accepted by the seller. Additionally, it prevents the auctioneer from disclosing bids to other competing bidders or frontrunning the bids.

TEN protocol can be utilized for such auctions.

-Dark Pools and OTC Transactions-

A Dark Pool is a privately organized exchange for trading securities where transactions can be kept hidden until fully executed or reported. This allows investors to trade without revealing their intentions during buyer or seller searches while preserving price data to prevent investors from receiving worse prices.

Dark pools on TEN will be different from typical decentralized exchanges. These pools add a “dark” price discovery layer to direct peer-to-peer trades.

Asset prices can be secured from TEN’s closed pools to ensure fair price discovery, and oracles like Chainlink can be utilized to ensure these prices are within a fair range. Ultimately, transactions are fundamental as they are distributed to all investors.

Over-the-counter (OTC) transactions involve customizing products according to specific client requirements. The most common use of OTC is in financial derivatives, where “OTC” is used in contrast to “Exchange-traded.”

OTC transactions are used when unique, specialized conditions are needed, such as a non-standard time frame, strike price, market structures, or payment structure, which require negotiation between the buyer and issuer. TEN can provide privacy during both the negotiation and structuring phases of such products.

Competing products exist in this field, but they are not decentralized. Additionally, creating a decentralized “dark” pool without a structure like TEN is not possible.

-Partial Non-Fungible Tokens (NFTs)-

The core idea here is to tokenize NFTs to allow partial ownership. The challenge in partial ownership in the NFT space is that all pieces must be assembled and sold together to be valuable.

For this to happen, a reserve price must be set, and when reached, payments must be made to all token holders to sell the NFT as a single piece. Several mechanisms are required for this to occur.

Token holders must submit their preferred reserve price, weighted by the number of tokens they hold. Subsequently, the reserve price is calculated and adjusted. Privacy is required for both of these processes to determine the most effective price. A secret reserve price has the potential to attract higher bids.

X: https://twitter.com/tenprotocol

WEB: https://ten.xyz/

DC: https://discord.gg/tenprotocol

Galxe: https://galxe.com/ten