How to Use the Site

This is a demo Ecommerce Store deployed on the Ethereum Ropsten Testnet. The contract address is 0x85c2132776e4d6f3202b3b10d54bff66ea70176e. Below is a brief explanation of how the site works. Note that you will need metamask plugin installed to interact with the site. If you haven't already installed, you can find the details to install here.

List Item

  1. Anyone can list an item/product on the site. The product information will be stored on the blockchain. The image and description will be stored on the IPFS. The person who lists the item becomes the seller (obviously).
  2. Specify the start price in Ether. It will be converted to Wei and stored in the blockchain

Auction

  1. Bidding is a 2-step process. Since all the transactions on Ethereum are public, you mask your bid by specifying your bid amount, random string and amount you send as part of the transaction. This way, no one will ever know how much you bid. This is very similar to how ENS (Ethereum Name Service) works. Note that your amount will be locked up in the contract at this time.
  2. Once the auction ends, you reveal your bid. If you win the auction, your amount goes in to an Escrow. If you lose the bid, your Ether is returned back to you
  3. Once all the bids are revealed, the auction is finalized. Auction can be finalized by someone who is not a buyer or a seller. This person is the Arbiter. Once finalized, the Ether is moved to an Escrow contract with the buyer, seller and arbiter as the participants.
  4. 2 of the 3 participants have to vote to release or refund for the Ether to be sent to the buyer or seller.


You can contact us at hello 'at' zastrin 'dot' com for more questions. Of course, this is on the testnet with fake ether being used, so you are not in danger of losing real money :)