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Welcome, blockchain innovators and crypto enthusiasts! Today, we’re diving into a powerful smart contract that brings time-based token management to the BitTorrent Chain (BTTC) — the TokenTimeLock contract. This contract acts as a digital vault, holding ERC20 tokens for a predetermined period before releasing them to a beneficiary. Let’s unlock the secrets of this contract and explore its potential!
Imagine a smart contract that can hold your tokens and release them at a specific time in the future. That’s exactly what the TokenTimeLock contract does. It’s perfect for vesting schedules, delayed rewards, or any scenario where you want to ensure tokens are held securely for a set period.
Let’s break down the key components of this contract:
IERC20 private _token;
address private _beneficiary;
uint256 private _releaseTime;These three variables form the core of our contract:
– _token: The ERC20 token being held.
– _beneficiary: The address that will receive the tokens when they’re released.
– _releaseTime: The timestamp when the tokens can be released.
constructor(IERC20 token_, address beneficiary_, uint256 releaseTime_) {
require(releaseTime_ > block.timestamp, "TokenTimeLock: release time is before current time");
_token = token_;
_beneficiary = beneficiary_;
_releaseTime = releaseTime_;
}This constructor is where the magic begins. It takes three parameters:
– token_: The address of the ERC20 token contract.
– beneficiary_: The address that will receive the tokens.
– releaseTime_: The timestamp when the tokens can be released.
Note the require statement
– it ensures that the release time is in the future. No time travel allowed in this contract!
function token() public view virtual returns (IERC20) {
return _token;
}function beneficiary() public view virtual returns (address) {
return _beneficiary;
}
function releaseTime() public view virtual returns (uint256) {
return _releaseTime;
}
These functions allow anyone to check the details of the time lock:
– Which token is locked?
– Who will receive the tokens?
– When will the tokens be released?
Transparency is key in blockchain, and these functions provide just that!
function release() public virtual {
require(block.timestamp >= _releaseTime, "TokenTimeLock: current time is before release time");uint256 amount = _token.balanceOf(address(this));
require(amount > 0, "TokenTimeLock: no tokens to release");
_token.safeTransfer(_beneficiary, amount);
}
This is where the excitement happens! The release function:
1. Checks if it’s time to release the tokens.
2. Ensures there are tokens to release.
3. Transfers all the tokens to the beneficiary.
It’s simple, secure, and effective!
The TokenTimeLock contract opens up a world of possibilities:
- Vesting Schedules: Use multiple TimeLock contracts with different release times to create a vesting schedule for team tokens.
- Delayed Rewards: Set up future rewards for achievements or milestones.
- Timed Releases: Coordinate token releases with specific events or announcements.
The TokenTimeLock contract is more than just a smart contract — it’s a testament to the power of programmable money. By allowing us to control the timing of token releases, it opens up new possibilities for token economics, incentive structures, and financial planning in the blockchain space.
As you explore the potential of TokenTimeLock on BTTC, remember: you’re not just locking tokens, you’re unlocking the future of decentralized finance!
So, what will you lock up in your blockchain time capsule? The possibilities are as exciting as they are vast!
Github URL:
https://github.com/adeelch9/bttc-examples/tree/master/projects/token-time-lock
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