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Over this past weekend, I participated in a hackathon to create a Proof of Concept for a very simple Smart Contract I called "Cinch". Cinch gives a person a quick easy way to store a temporary deposit in a smart contract on the blockchain. It can be used to secure a rental, a test ride, or something similarly temporary.
Here are the technical details of the Proof of Concept:
- The deposit maker adds a deposit and a fee.
- The asset provider adds asset information and a receiving wallet.
- The smart contract stores at least the wallet ids, the deposit, the fee, the contract expiration, and the asset identifier. Everything else can be stored offchain.
- After the expiration time passes, the smart contract transfers the deposit BACK to the deposit maker and the fee ON to the asset provider.
- At any point before expiration, either party can stop the expiration, thereby holding the deposit and fee in the smart contract indefinitely.
IMPORTANT: The deposit and fee should be transferred to the smart contract's internal account, NOT the asset provider. Only upon the unwinding of the "cinch" should funds go to people's wallets.
That's it. There's fancier features for later version (dispute arbitration), but I just wanted to address the sunshine scenario first.
At the hackathon, I worked with OpenLaw to create a template from their interface, and I roughed out in pseudo code what I thought the Solidity code should do. But I'm not a programmer, and there wasn't a free programmer at the hackathon, so the relevant solidity code didn't get written.
The deliverable here is a working version of solidity code based on the variables in the Template that can be compiled and run against the Rinkeby test network using the template file from the respository and fulfilling the functions listed above.
In the spirit of the hackathon, I'm hoping this amounts to a good starter exercise for a new Solidity programmer. There's a nominal Ether bounty on it, too.
I'm available to explain the issue, clarify details, and help support development as necessary.