#28 Simple Auction Contract (Part 1)
Welcome to this brand new course about blockchain. In this course, and in the upcoming ones, we will make you familiar with everything you need to know about blockchain. We will also teach you some of the latest blockchain coding skills so that you can enter the fascinating world of decentralized applications.
In this video, we will learn about simple auction smart contract. The presented smart contract is an auction contract designed to facilitate bidding and determine the highest bidder for a specific item or service. The contract includes features such as bidding, withdrawal of funds, and ending the auction. The contract keeps track of the auctioneer’s address, the end time of the auction, the highest bidder’s address, and the highest bid amount. Participants can place bids by calling the setBid function with a bid amount higher than the current highest bid. If a higher bid is received, the previous highest bidder’s funds are returned to them through the withdraw function. The auction can be ended by the auctioneer using the endAuction function, transferring the highest bid amount to the auctioneer and emitting an event to indicate the winner and the winning bid. This smart contract is useful in various auction scenarios where a decentralized and transparent bidding process is desired, such as art auctions, fundraising events, or decentralized marketplaces.