Yuga Labs’ TwelveFold Auction Model Faces Criticism from Crypto Community over Refund Process
According to the news on March 6, Yuga Labs\’ TwelveFold auction model caused dissatisfaction from the encryption community. According to the auction rules, the…
According to the news on March 6, Yuga Labs’ TwelveFold auction model caused dissatisfaction from the encryption community. According to the auction rules, the bidder was required to send all its BTC bid amount to the only BTC address controlled by Yuga. The winning bidder only needed to pay the BTC they bid, and Yuga said that it would return the BTC to the bidder who failed. Some people pointed out that unsuccessful bids must be refunded manually, just like in the “Stone Age”.
Yuga Labs’ TwelveFold auction model caused dissatisfaction from the creators of the Ordinals protocol and the encryption community
Interpretation of the news:
The recent news about Yuga Labs’ TwelveFold auction model has caused dissatisfaction among the encryption community due to the refund process. According to the auction rules, bidders were required to send all their Bitcoin (BTC) bid amount to the only BTC address controlled by Yuga. The winning bidder only had to pay the amount they bid, and Yuga promised to return the BTC to the unsuccessful bidders.
While the auction model was designed to provide fairness and transparency in the bidding process, it faced criticism due to the manual refund process. Unsuccessful bids had to be refunded manually, which some people compared to the “Stone Age,” suggesting that such manual processes are outdated in the digital age.
The refund process was the main point of contention, as it seemed cumbersome and inefficient. The encryption community pointed out that it wasn’t clear why manual refunds were necessary when everything else was automated. One possible reason for manual refunds may be that Yuga is still in its initial stages and lacks the technical infrastructure to process refunds instantly.
Some proponents of Yuga’s auction model argued that it was still in its early stages and required time to refine its processes. They claimed that the company was working on automating the refund process and would provide solutions in the future.
However, the criticisms faced by Yuga Labs show the importance of considering the user experience and implementing user-friendly processes in any digital system. Automation is essential particularly in today’s fast-paced and constantly evolving technological landscape.
In conclusion, Yuga Labs’ TwelveFold auction model is a significant step towards providing a transparent and fair bidding process. However, the manual refund process detracts from its efficiency and user-friendliness. As the company progresses further, it is essential to address these issues by embracing automation in its processes and providing a smoother and more user-friendly experience for its users.
This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/metaverse/5399.html
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Related recommendations
-
Twitter Collaborates with eToro: A New Era for Trading on Social Media
According to reports, Twitter will collaborate with the multi asset investment platform eToro to provide users with access to stocks, cryptocurrencies, and other financial assets.
-
What currency is bcdn (what currency is bchabc)
What currency is bcdn What currency is bcdn What currency is BCDn? In the blockchain world, it is an immutable distributed ledger. Its value is determined, validated, and stored by users and nodes in the network. This method can create a peer-to-peer database and provide credibility for it. This platform enables developers to manage their own data using decentralized computing resources In addition, according to the introduction on the website, it is an open database. This database was jointly built by a group of people. These community members hope to join their projects. How do they work From a technical perspective, this means that each participant can receive rewards (i.e. tokens). For those who already own Bitcoin, if they want to invest in Cryptocurrency such as Bitcoin or Ethereum, they must hold at least twice the amount of investment. Because investors are eligible to become ‘super smart’ and can earn more money to maintain this wealth According to official sources,…
-
Digi’s Brand Upgrade: Empowering Users in Metauniverse Gaming
On March 13, according to the official news, Digination, the meta universe game portal, has completed the brand upgrade and will change its name to “Digi”. At the same time, it will adopt the new domain name digi.fun. It is reported that Digi will provide users with an open metauniverse game platform, enabling users to create and experience unlimited metauniverse scenes. The brand of the universe game portal Digination has been upgraded and will be renamed “Digi” Analysis based on this information:The virtual world or “metauniverse” is becoming more mainstream than ever, with gaming companies constantly innovating to provide the most immersive and dynamic experience for players. One such company is Digination, which recently underwent a brand upgrade and changed its name to “Digi”. This initiative is aimed at signaling their commitment to empowering users in the metauniverse gaming space. “Digi” capitalizes on the root word “dig” – signifying probing, exploring and discovering – and cleverly blends it in with…
-
Article Title: Understanding Stader Labs’ Ethereum Liquidity Pledge Token: ETHx
On April 30th, the liquidity pledge agreement, Stader Labs, announced that the first phase of testing ETHx, an Ethereum liquidity pledge token, had ended on April 28th, and the sec
-
FiNANCiE and Marui Group Partner to Support Creator Economy
According to reports, FiNANCiE, a blockchain token issuance crowdfunding service platform, announced the completion of a new round of financing, with retail and financial company M
-
What is a free Bitcoin miner’s fee (what does Bitcoin miner’s fee mean)
What is a free Bitcoin miner? Free Bitcoin mining is a popular term for Bitcoin, meaning ‘earn rewards’. Mining companies choose to provide Bitcoin services for free in order to achieve high returns. However, due to the slow and expensive operation speed of Bitcoin networks, many users are unwilling to pay for free revenue, which leads to a very poor user experience for some users. For example, if someone buys a Bitcoin and then sells it without realizing their profits (for example, if I spend $50 on 100 Bitcoins), or if you want to use this money to pay for handling fees, you cannot receive payment. (BlockBeats) What does Bitcoin miner’s fee meanAccording to Ambcrypto, what is Bitcoin miner’s fee? Actually, miners’ fees are a way to calculate online transaction costs. Miners will provide them with a “fuel” source: Proof of Work, a concept proposed by computer science professor Nick Szabo Specifically, mining costs refer to the amount of rewards…
-
Allocation of HKD 700 Million for Development of Digital Economy: Hong Kong’s New Focus
According to reports, at the 2023 Digital Economy Summit, the Chief Executive of the Hong Kong Special Administrative Region, Li Jiachao, stated that this year\’s budget will alloca
-
Bitarms Continues to Produce Impressive Amounts of Bitcoin While Reducing Debt
It is reported that Bitcoin mining company Bitarms produced 387 Bitcoins in February, with a year-on-year increase of about 30% and a month-on-month decrease o…
-
The Impact of Yellen’s Appointment and Central Bank Policies on Ark Fund Investment Performance
21:00-7:00 Key words: Yellen, White House, European Central Bank, Ark Fund
Overview of important developments overnight on March 22
In the world of finance, the appointment of Jane -
Understanding the Volatility of the OKB Market
According to reports, the market shows that OKB has fallen below $45 and is currently trading at $44.99, with a daily decline of 5.52%. The market is highly volatile, so please tak