eosio
Contract
Ricardian Contract
Title: Bid On a Premium Account Name
Summary: {{nowrap bidder}} bids on the premium account name {{nowrap newname}}
{{bidder}} bids {{bid}} on an auction to own the premium account name {{newname}}. {{bidder}} transfers {{bid}} to the system to cover the cost of the bid, which will be returned to {{bidder}} only if {{bidder}} is later outbid in the auction for {{newname}} by another account. If the auction for {{newname}} closes with {{bidder}} remaining as the highest bidder, {{bidder}} will be authorized to create the account with name {{newname}}. ## Bid refund behavior If {{bidder}}’s bid on {{newname}} is later outbid by another account, {{bidder}} will be able to claim back the transferred amount of {{bid}}. The system will attempt to automatically do this on behalf of {{bidder}}, but the automatic refund may occasionally fail which will then require {{bidder}} to manually claim the refund with the bidrefund action. ## Auction close criteria The system should automatically close the auction for {{newname}} if it satisfies the condition that over a period of two minutes the following two properties continuously hold: - no one has bid on {{newname}} within the last 24 hours; - and, the value of the latest bid on {{newname}} is greater than the value of the bids on each of the other open auctions. Be aware that the condition to close the auction described above are sufficient but not necessary. The auction for {{newname}} cannot close unless both of the properties are simultaneously satisfied, but it may be closed without requiring the properties to hold for a period of 2 minutes.
Data Representation
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