Smart Contracts System Modules

Smart Contracts System Modules

The Solbit smart contracts system specification is beyond the scope of the current document and we will review only some of the main modules of the system-bank module, auction module and external tokens module (implements the Ethereum ERC 20 token standard (The Ethereum Wiki, n.d.). They provide the programming interface for interaction with the system.

Access to the bank and auction modules’ functionality is restricted to ensure the business operations will be performed only inside the platform. Parts of the external

tokens module’s functionality are restricted as well (minting and destruction of tokens), while the functionality described in the ERC 20 specification is publicly accessible to every Ethereum address, which has tokens (Vogelsteller, 2015)

Solbit System

The module manages the internal ledger for all platform accounts and the connection between the internal ledger and the external tokens. 

Auction System

The module manages auction operations. The administrator creates auctions based on the data provided by the invoice sellers. Invoice buyers can use the platform to create bidding groups for invoice auctions and make bids on them. The auction module is logically connected to the IPFS distributed web-every invoice auction has hash references to related documents uploaded on the IPFS web. 

ERC-20 tokens

Every worldwide government currency, which is supported by the platform, has a corresponding smart contract, which implements the Ethereum ERC 20 token standard Clients can withdrawal their funds outside the platform into these smart contracts,to gain sovereign access to their tokens.