Example of a Private Smart Contract Sample Clauses

Example of a Private Smart Contract. Consider a sealed bid auction as a Private Smart Contract as shown in Figure 1. In a sealed-bid auction, one of the participants is the seller and the other participants are bidders. Each bidder submits a bid and the bidder with the highest bid wins the auction. All bids are kept private. Consider a function f that implements this smart contract. Suppose there are k bidders, and in total n = k + 1 parties (recall the seller is one of the parties). The seller is designated as the first party. We define: • f (($seller, ·), ($bidder1, ·), . . . , ($bidderk, ·)) – $highest ← 0 – winner ← 0 – For i ∈ {1, . . . , k} : ∗ If $bidderi > $highest · $highest ← $bidderi · winner ← i j – $sellerj ← $seller + $highest – $bidderwinner ← 0 – For i ∈ {1, . . . , k} \ {winner} : ∗ $bidderji ← $bidderi – Return ($sellerj, $bidder1j , . . . , $bidderjk, out := winner)
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