“Auctions are a key protocol for translating personal valuations into a common measure: price. For millennia, societies have used auctions to compare the incomparable – from brides in ancient Babylon to broadband spectrum in the 21st century – by eliciting bids and letting the highest (or lowest) offer prevail. This report traces the arc of auction technology, beginning with its origins as a method to render value legible across diverse goods and contexts.” https://npcmemo.substack.com/p/protocol-review-7-auctions