We replicated a Time Deposit at the Blockchain and this happened.

After several proposals and ideas that the community submitted via form to our team, we decided to implement a term deposit system under an smartcontract.

After several proposals and ideas that the community delivered via form to our team, we decided to implement a system of term deposits under an intelligent contract, this contract did not present problems to be made but the real challenge was to integrate it in a web in which any user could interact with the blockchain in real time, this is known as a Dapp.

“If a Dapp requires some kind of record that influences results or uses an external database for the essential data, it is not a decentralized application as such, even less if in the same contract it has clauses that allow an individual to manage the conditions of the game, so as in any contract, we must learn to read the fine print” ~ Ceo, Vultur.

The result was that more than 20 people used the dapp in the main network of Ethereum, achieving perhaps a small advance in the user of applications through intelligent contracts.

The Contract

 

The contract consisted of 2 main functions: the first one to register deposits and the second one to make the withdrawal, you may ask yourself: Does the contract not send directly what was agreed automatically? the answer is not native (although there are external services that can be used in the future).

The code of the contract will not be published to be potentially used by other tokens and call for false investments and other subjects of doubtful reputation, in a final and massive version the code will be visible.

The Web

//vultur.io/hodl/ was the website where you interacted with the contract where each writing process in the blockchain was shown graphically, from trying to take the deposit with metamask blocked, to receive confirmation from the ethereum network, this is important for the user since many decentralized applications do not have complete tracking or even the return of the values entered.

At the moment of taking the deposit the Dapp gives data like the end date of the term and the rate of return, all this DIRECTLY from the smartcontract.

 

How it works

Two “investment plans” were offered. We used the Token Vultur as a means to generate this profitability, the tokens were precharged to the contract without the possibility of withdrawing them and the “pausable” modifier was added to the revenues to avoid the entrance of new deposits if necessary.

Results

More than 20 users interacted with the Dapp (3 million tokens), making the corresponding withdrawal of their tokens plus the agreed profitability, without external agents in between, all managed from an intelligent contract.

All this makes us reflect even some tokens that can be frozen, we will be showing more cases in the course of time, remember that not because it is a contract or a dapp must be decentralized.