Time-Locked Smart Contracts Now Available

Expanding the capabilities already available using the Zap protocol, users can now access smart contracts which time lock tokens that are only redeemable by a “special purpose” ERC20 token that is unique to the contract which issues it.

The time-lock works as follows. After a preset time period, these tokens can be used to receive the assets or capital locked in the contracts. Developers can use these smart contracts to write in additional conditions, such as a contract locking tokens for 90 days and then only releasing them after a specified condition is fulfilled or event occurs, like reaching a certain price point, for instance. Oracles which provide price data are also available under the Zap protocol.

This allows a number of possibilities for peer-to-peer decentralized interactions. For example, a company can time lock tokens and issue the ERC20 tokens to those who work on the project. For one, this incentivizes long term holding and does not allow the worker to “dump” the token in an immediate token-for-fiat transaction. We believe this aligns workers’ incentives with the incentives for the rest of the community, and also encourages the holder of the redeemable ERC20 to work to raise the value of the locked asset. In fact, using decentralized pricing oracles, after a preset time period, an additional condition can be factored in and factored into the release of the initial locked capital. While the underlying asset is locked in the contracts, the redeemable ERC20 tokens may be traded on an open market platform such as on EtherDelta.

Eventually, these smart contracts will be able to time lock any ethereum or EOS token (and bonding any of these tokens will pay bonded Zap holders). Our development teams are continuing to test this truly unique ability. Inter-blockchain operability through the Zap protocol will be a groundbreaking development for decentralization and peer-to-peer capabilities.

If you haven’t already, be sure to check out our last month’s update where we announced the start of testing for the EOS admin and the launch of BitUnits.

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The Synapse Foundation is an Isle of Man non-profit organization with offices in Zug, Switzerland. The Synapse Foundation was formed to build, promote, and oversee the Zap protocol. The organization is committed to community engagement and sponsoring user participation within a world of decentralized data. Zap is an intellectual property owned by the Synapse Foundation. Nothing herein, nor any related documentation issued by the Synapse Foundation or Zap project team, shall constitute legal, tax or investment advice.