Vickery Auction

Vickrey(second price auction) is a sealed bid second price auction where bidders submit sealed bids and the highest bidder wins and pays the amount of the second-highest bid. Bid is kept private until the bid opening.This encourages participants to bid their true valuation.

Vickrey auctions are ideal for situations where buyers want to ensure they pay a fair market price, such as advertising auctions in blockchain-based content platforms.

Vickrey has the same attributes as Sealed-bid Auction.