FAQ

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The buyer is an entity, typically a consumer who is looking to purchase a product on the Bid1 Network platform. 

The seller is an entity, typically a retailer, manufacturer or other form of re-seller who license to sell and provision products on the Bid1 Network platform. 

A predefined cyclic time period (e.g. every 1 hour) established for each product that encompasses the bidding activities between the seller(s) and buyer(s). During each bid session, the bid for each buyer is arranged by the bid engine in ascending order from highest bid price to lowest bid price (e.g. bid pool). One or more sellers have the option to bid on a block of buyer bids (e.g. bid block) arranged from the highest bid price to the lowest bid price the seller selects. If more than one seller bids during the active bid session, the seller with the largest bid block wins and fulfills the order to the buyers included in their bid block. If no sellers bid during the active bid session, all buyer bids are forwarded to the next bid session and are combined with new bids established during the previous bid session. All buyer bids during the active bid session are static (new bids are excluded/staged for future bid session, existing bids in pool are frozen/cannot be modified or cancelled). The bid session period may vary by product or service and are defined by Bid1 Network business rules.

The bid block is a collection of buyer bids arranged from highest bid price to the lowest bid price the seller choose during the bid session. A bid session can have multiple sellers each with their own bid block. The seller with the largest bid block (e.g. selects the lowest buyer bid price) wins the bid session and provisions the product to the buyers.  

Period the buyer establishes (start date, start time, end date, end time) that defines the duration their bid remains active in the bid pool for a product or service. The buyer can modify or cancel the bid period as they wish, but their bid will remain active and frozen during the active bid session. For example, if the buyer acted to cancel their bid and at that time the bid session had 30 minutes remaining, the buyers bid will still be active during this period. The bid will officially expire at the end of the bid session.  

Collection of buyer bids for a given product or service that are organized systematically by the bid engine in a table arranged by highest bid price to lowest bid price. The bid pool expands and contracts as buyer bids are added or removed (expired, terminated by buyer, or provisioned by the seller). The bid pool contains buyer bids in the active bid session and newly established bids staged for the next occurring bid session. 

Since each buyers bid session needs to be static/frozen so that sellers have a finite collection of bids to evaluate to determine whether to create a bid block or not, any new bid for the product created during this time are staged for the next subsequent bid session.  

Software used to process and execute the Bid1 Network’s bilateral bid auctioning process.