ClockAuctionBase.sol

// @title Auction Core
/// @dev Contains models, variables, and internal methods for the auction.
/// @notice We omit a fallback function to prevent accidental sends to this contract.

contract ClockAuctionBase {

    // Represents an auction on an NFT
    struct Auction {
        // Current owner of NFT
        address seller;
        // Price (in wei) at beginning of auction
        uint128 startingPrice;
        // Price (in wei) at end of auction
        uint128 endingPrice;
        // Duration (in seconds) of auction
        uint64 duration;
        // Time when auction started
        // NOTE: 0 if this auction has been concluded
        uint64 startedAt;
    }

    // Reference to contract tracking NFT ownership
    ERC721 public nonFungibleContract;

    // Cut owner takes on each auction, measured in basis points (1/100 of a percent).
    // Values 0-10,000 map to 0%-100%
    uint256 public ownerCut;

    // Map from token ID to their corresponding auction.
    mapping (uint256 => Auction) tokenIdToAuction;

    event AuctionCreated(uint256 tokenId, uint256 startingPrice, uint256 endingPrice, uint256 duration);
    event AuctionSuccessful(uint256 tokenId, uint256 totalPrice, address winner);
    event AuctionCancelled(uint256 tokenId);

    /// @dev Returns true if the claimant owns the token.
    /// @param _claimant - Address claiming to own the token.
    /// @param _tokenId - ID of token whose ownership to verify.
    function _owns(address _claimant, uint256 _tokenId) internal view returns (bool) {
        return (nonFungibleContract.ownerOf(_tokenId) == _claimant);
    }

    /// @dev Escrows the NFT, assigning ownership to this contract.
    /// Throws if the escrow fails.
    /// @param _owner - Current owner address of token to escrow.
    /// @param _tokenId - ID of token whose approval to verify.
    function _escrow(address _owner, uint256 _tokenId) internal {
        // it will throw if transfer fails
        nonFungibleContract.transferFrom(_owner, this, _tokenId);
    }

    /// @dev Transfers an NFT owned by this contract to another address.
    /// Returns true if the transfer succeeds.
    /// @param _receiver - Address to transfer NFT to.
    /// @param _tokenId - ID of token to transfer.
    function _transfer(address _receiver, uint256 _tokenId) internal {
        // it will throw if transfer fails
        nonFungibleContract.transfer(_receiver, _tokenId);
    }

    /// @dev Adds an auction to the list of open auctions. Also fires the
    ///  AuctionCreated event.
    /// @param _tokenId The ID of the token to be put on auction.
    /// @param _auction Auction to add.
    function _addAuction(uint256 _tokenId, Auction _auction) internal {
        // Require that all auctions have a duration of
        // at least one minute. (Keeps our math from getting hairy!)
        require(_auction.duration >= 1 minutes);

        tokenIdToAuction[_tokenId] = _auction;

        AuctionCreated(
            uint256(_tokenId),
            uint256(_auction.startingPrice),
            uint256(_auction.endingPrice),
            uint256(_auction.duration)
        );
    }

    /// @dev Cancels an auction unconditionally.
    function _cancelAuction(uint256 _tokenId, address _seller) internal {
        _removeAuction(_tokenId);
        _transfer(_seller, _tokenId);
        AuctionCancelled(_tokenId);
    }

    /// @dev Computes the price and transfers winnings.
    /// Does NOT transfer ownership of token.
    function _bid(uint256 _tokenId, uint256 _bidAmount)
        internal
        returns (uint256)
    {
        // Get a reference to the auction struct
        Auction storage auction = tokenIdToAuction[_tokenId];

        // Explicitly check that this auction is currently live.
        // (Because of how Ethereum mappings work, we can't just count
        // on the lookup above failing. An invalid _tokenId will just
        // return an auction object that is all zeros.)
        require(_isOnAuction(auction));

        // Check that the bid is greater than or equal to the current price
        uint256 price = _currentPrice(auction);
        require(_bidAmount >= price);

        // Grab a reference to the seller before the auction struct
        // gets deleted.
        address seller = auction.seller;

        // The bid is good! Remove the auction before sending the fees
        // to the sender so we can't have a reentrancy attack.
        _removeAuction(_tokenId);

        // Transfer proceeds to seller (if there are any!)
        if (price > 0) {
            // Calculate the auctioneer's cut.
            // (NOTE: _computeCut() is guaranteed to return a
            // value <= price, so this subtraction can't go negative.)
            uint256 auctioneerCut = _computeCut(price);
            uint256 sellerProceeds = price - auctioneerCut;

            // NOTE: Doing a transfer() in the middle of a complex
            // method like this is generally discouraged because of
            // reentrancy attacks and DoS attacks if the seller is
            // a contract with an invalid fallback function. We explicitly
            // guard against reentrancy attacks by removing the auction
            // before calling transfer(), and the only thing the seller
            // can DoS is the sale of their own asset! (And if it's an
            // accident, they can call cancelAuction(). )
            seller.transfer(sellerProceeds);
        }

        // Calculate any excess funds included with the bid. If the excess
        // is anything worth worrying about, transfer it back to bidder.
        // NOTE: We checked above that the bid amount is greater than or
        // equal to the price so this cannot underflow.
        uint256 bidExcess = _bidAmount - price;

        // Return the funds. Similar to the previous transfer, this is
        // not susceptible to a re-entry attack because the auction is
        // removed before any transfers occur.
        msg.sender.transfer(bidExcess);

        // Tell the world!
        AuctionSuccessful(_tokenId, price, msg.sender);

        return price;
    }

    /// @dev Removes an auction from the list of open auctions.
    /// @param _tokenId - ID of NFT on auction.
    function _removeAuction(uint256 _tokenId) internal {
        delete tokenIdToAuction[_tokenId];
    }

    /// @dev Returns true if the NFT is on auction.
    /// @param _auction - Auction to check.
    function _isOnAuction(Auction storage _auction) internal view returns (bool) {
        return (_auction.startedAt > 0);
    }

    /// @dev Returns current price of an NFT on auction. Broken into two
    ///  functions (this one, that computes the duration from the auction
    ///  structure, and the other that does the price computation) so we
    ///  can easily test that the price computation works correctly.
    function _currentPrice(Auction storage _auction)
        internal
        view
        returns (uint256)
    {
        uint256 secondsPassed = 0;

        // A bit of insurance against negative values (or wraparound).
        // Probably not necessary (since Ethereum guarnatees that the
        // now variable doesn't ever go backwards).
        if (now > _auction.startedAt) {
            secondsPassed = now - _auction.startedAt;
        }

        return _computeCurrentPrice(
            _auction.startingPrice,
            _auction.endingPrice,
            _auction.duration,
            secondsPassed
        );
    }

    /// @dev Computes the current price of an auction. Factored out
    ///  from _currentPrice so we can run extensive unit tests.
    ///  When testing, make this function public and turn on
    ///  `Current price computation` test suite.
    function _computeCurrentPrice(
        uint256 _startingPrice,
        uint256 _endingPrice,
        uint256 _duration,
        uint256 _secondsPassed
    )
        internal
        pure
        returns (uint256)
    {
        // NOTE: We don't use SafeMath (or similar) in this function because
        //  all of our public functions carefully cap the maximum values for
        //  time (at 64-bits) and currency (at 128-bits). _duration is
        //  also known to be non-zero (see the require() statement in
        //  _addAuction())
        if (_secondsPassed >= _duration) {
            // We've reached the end of the dynamic pricing portion
            // of the auction, just return the end price.
            return _endingPrice;
        } else {
            // Starting price can be higher than ending price (and often is!), so
            // this delta can be negative.
            int256 totalPriceChange = int256(_endingPrice) - int256(_startingPrice);

            // This multiplication can't overflow, _secondsPassed will easily fit within
            // 64-bits, and totalPriceChange will easily fit within 128-bits, their product
            // will always fit within 256-bits.
            int256 currentPriceChange = totalPriceChange * int256(_secondsPassed) / int256(_duration);

            // currentPriceChange can be negative, but if so, will have a magnitude
            // less that _startingPrice. Thus, this result will always end up positive.
            int256 currentPrice = int256(_startingPrice) + currentPriceChange;

            return uint256(currentPrice);
        }
    }

    /// @dev Computes owner's cut of a sale.
    /// @param _price - Sale price of NFT.
    function _computeCut(uint256 _price) internal view returns (uint256) {
        // NOTE: We don't use SafeMath (or similar) in this function because
        //  all of our entry functions carefully cap the maximum values for
        //  currency (at 128-bits), and ownerCut <= 10000 (see the require()
        //  statement in the ClockAuction constructor). The result of this
        //  function is always guaranteed to be <= _price.
        return _price * ownerCut / 10000;
    }

}