What we are building
We are going to build an English auction site. The previous e-commerce application is going to serve us with products, and an admin can create auctions using those products. Auctions have different features; we are not going to discuss each of them, but instead we are going to describe an English auction.
The most common auction is the English auction; it's a single dimensional auction, and the only thing considered is the bid price offered for the goods. Usually it's seller oriented, meaning it's one-sided.
Normally, a starting price is set for the auction; it's called the reserve price, under which the seller won't sell the goods. Each buyer makes a bid and everyone knows every bid, so it's open-cry. The winner pays the winning ...
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