November 2018
Intermediate to advanced
528 pages
13h 21m
English
Content preview from Blockchain By Example
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Auction description
Let's start with the backend layer, represented by the smart contract that manages the auction. We'll consider the following auction design.
A vehicle's owner deploys the contract to the blockchain and becomes the auction owner. The auction is open immediately after the contract deployment, and, once the bidding period is over, the highest bidder wins the auction, and the other participants withdraw their bids. In this example, the bid will be cumulative, which means that if, for example, you bid 100 ETH, and then someone else bids 110 ETH, you can only send an additional 10.000000000000000001 ETH the next time to outbid them; your new bid is the sum of your two bids.
Furthermore, the auction owner can cancel the auction ...
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