Alt-chains support R&D community working together to make a new, don't miss out!!! If you shoot the fade on this you going to end up in the shady shade, naw uh... We told you so.
FrenChain KekChain Electronero Network Crystaleum Interchained Labs
Introducing the decentralized, autonomous savings plan that the big banks don't want you to learn about. No-interest, no puzzles, no games. The first fully open source, enterprise feature packed locker to drop.
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* @title Interchained's iLocker contracts
* @notice The iLock contract allows project operators to iLock tokens for a period
* @notice Community FOSS R&D supported by Kekchain, FrenChain, Electronero Network, Crystaleum
* @author Interchained && Lucas && Decentral && Muse
*/
Lead Eng OG: Dev Team Interchained Telegram
Recently published research and development from @Interchained featuring public release of the "iLockers" protocol, the decentralized, autonomous savings plan that the 1% and the big banks don't want you to learn about! With the help of iLockers an individual or enterprise could store digital assets for a pre-specified duration. While digital assets are locked, the depositor is granted an NFT ERC721, which is transferrable.
The iLock NFT contains on-chain metadata which designates the holder of the NFT controls to the rights to claim against the iLock and ultimately power to withdraw the underlying locked digital assets. Upon minting the ERC721 and deploying the users iLock, the iLocker factory mints a separate ERC20 token known as iHold, a coupon tracing the supply back to the origin deposit.
So, iHold total supply will be identical to the total sum of the deposited token or fungible coins. iLock NFT is minted with the matching lockId corresponding to a specific iLock Vault. If a holder wishes to transfer iLock NFT to another user, the holder must control >= 51% of the matching iHold supply. This presents a new use case, or more than one. Where as a user could for example interact with iLockers protcol to store 1,000,000 ERC20 tokens or fungible coins by deploying an iLock Vault, therefore 1 iLock ERC721 NFT token, and 1,000,000 iHold ERC20 tokens would be minted, and distributed to the designated holder. Then the holder could wait until the lock expires, claim and unlock the stored digital assets. Or, the holder could transfer iLock NFT to another user, along with the iHold tokens, and that user could claim the iLock once the time lock has expired.
In any event, if a holder transfers greater that 51% of the iHold ERC20 tokens, the ability to claim digital assets locked in the matching iLock Vault would be transferred to the holder of the greater share of iHold supply. 100% of the locked digital assets could be unlocked and claimed at any time beyond the locker's expiration timestamp as long as the holder controls >= 51% of the corresponding iHold ERC20 tokens and holds the matching iLock NFT. Assuming the locked assets hold any marketable value, if the holder decides to sell or trade their iHold ERC20 or iLock NFT, the new holder could control the iLocker and withdraw the underlying locked digital assets.
This research has been funded in part by: [@Fren_Chain]](https://t.me/fren_chain) @KekChain @Interchained @Electronero_Network @Crystaleum
Traditional banking is based on a system that's called "Fractional Reserve Banking". Where as when you and I deposit funds into our bank account at the local branch, 90% could be used by our bank of choice funds earmarked immediately upon deposit tagged for loans, insurance, and other purposes.
iLockers put the user in control of their savings! Functional use cases for individuals and enterprise, anyone could lock up LP, ERC20, fungible coins to display sovereignty and sustainability, or as part of a savings plan. Use iLockers to lock up tokens or fungible coins in what is basically a "deep freezer", compared to cold storage, where as no one could unlock stored digital assets unless and until the block timestamp passes the expiration timestamp which is preset by the creator of the iLock upon deployment... Beat that paper wallet....
[PHASE 1] ---- TESTNET RELEASE v1
Ethereum [Goerli] (5) : 0x2e0bc1b028c1f3cf3Ce40B204E98fF0743DA8d4c
Binance Smart Chain [testnet] (97): 0xE5F70DaeB8d836b1C6a91FA4d04Eca58d392597c
Cronos Smart Chain [testnet] (338): 0xE5F70DaeB8d836b1C6a91FA4d04Eca58d392597c
FrenChain [testnet] (444) : 0x2e0bc1b028c1f3cf3Ce40B204E98fF0743DA8d4c
Avalanche [Fuji] (43113) : 0x2e0bc1b028c1f3cf3Ce40B204E98fF0743DA8d4c
Polygon [Mumbai] (80001) : 0x7d2A16Eb08361cDA68C183a6e92f08e618B73c7F
KekChain [testnet] (420666) : 0xCC8748Cb40575e42649d9652573eb8233CC30dEC
[PHASE 2] ---- TESTNET RELEASE V2
Ethereum [Goerli] (5) : 0x2e0bc1b028c1f3cf3Ce40B204E98fF0743DA8d4c
Binance Smart Chain [testnet] (97): 0xE5F70DaeB8d836b1C6a91FA4d04Eca58d392597c
Cronos [testnet] (338): 0x8C70E29F98697366E956F3E7f0db678B70faE149
FrenChain [testnet] (444) : 0x2e0bc1b028c1f3cf3Ce40B204E98fF0743DA8d4c
Avalanche [Fuji] (43113) : 0x2e0bc1b028c1f3cf3Ce40B204E98fF0743DA8d4c
Polygon [Mumbai] (80001) : 0x7d2A16Eb08361cDA68C183a6e92f08e618B73c7F
KekChain [testnet] (420666) : 0xCC8748Cb40575e42649d9652573eb8233CC30dEC
iLockers fill the need to store value for periods of time. Owners, holders, project leaders could make use of iLockers to lock-up and save token(s) and or fungible coin(s) for a duration of time.
Example: Project "BestFren" wants to lock 1,000,0000 USDC to show locked value and prove project is sustainable. "BestFren" operators interact with iLocker protocol smart contracts, directly on-chain or via FOSS DApp;
(following along with this example) 1-2-3 how-to step-by-step:
- "BestFren" Approves iLocker Factory to transfer 1,000,000 USDC.
- "BestFren" calls to CreateLock(), iLocker Factory deploys a new iLock smart contract, a vault known as a holdingContract, && transfers 1,000,000 USDC to the new holdingContract vault.
- holdingContract treasury mints an identical initial iHold total supply, based on the deposit amount, and issues that bulk supply of the newly minted Ownable iHOLD (standard ERC20 compliant) along with Ownership rights to the pre-designated holder
That was easy. When the pre-designated holder claims locked digital assets from an iLocker holdingContract holder must control >= 51% of the iHold (ERC20), and have possesion of the iLocker NFT (ERC721);
- Holder calls iLocker withdraw() to claim locked digital assets
In this example we agree on these factors... unlockTime (is an integer which was specified during iLock deployment) digital assets stored in your iLocker will be transfer-assisted and routed to a designated receiver
Expected outcomes: Success: If the holder calls after the unlockTime Error: If the holder calls before the unlockTime, or if it isn't the holder calling...
Why use iLockers protocol? Specialists engineered iLockers to be streamlined, fully open source. iLocker smart contracts are optimized, decentralized 100%, fully autonomous, and on-chain transactions are settled nearly instantly visible on a public ledger. (network coverage varies)
Interchained FOSS, iLockers protocol is free to use and educational purposes; iLocker protocol is maintained to provide the communty a stable platform for a decentralized, fully autonomous "Locker" aka iLocker featuring PoC strategic implementations to employ individually or comercially through enterprise.
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