auction_smartcontract

It is a conventional approach used for fundraising for a cause. The organizers collect items to be auctioned off for raising funds. Before the auction, the items for auctions are received and arranged each with a bowl to place the bid. A chairperson is a special person among the organizers. She/he heads the effort and is the only person who can determine the winner by random drawing at the end of the auction. A set of bidders buy sheets of tickets with their money. The bidder’s sheet has a stub that identifies the bidder’s number, and tokens bought. The bidders examine the items to bid, place the one or more tickets in the bowl in front of the items they desire to bid for until all the tickets are used. After the auction period ends the chairperson, collects the bowls, randomly selects a ticket from each item’s bowl to determine the winning bidder for that item. The item is transferred to the winning bidder. Total money collected is the fund raised by the penny social auction.