ContractLock

Inspiration

A common issue experienced by members of our team is the struggle of paying for events with your friends. If your group is booking something like a rental, you may want to have all members of the party pay for the rental before the friend responsible books it. However, it can be challenging to secure all the necessary funds before booking the rental.

What it does

Our app seeks to act as a middleman that either disburses the funds to the friend booking and if not everyone pays their share, the funds are returned to the original parties (those that paid, at least).

How we built it

It can be run on any Ethereum Virtual Machine compatible blockchain. We chose the Flare blockchain because they just launched USDT0. We used a React frontend that communicates with a smart contract deployed on the Flare blockchain to complete the time-based escrow.

Challenges we ran into

Lack of sleep. We were all surprised that we were able to come up with idea after idea on less sleep than normal.

Accomplishments that we're proud of

Strengthening our web development skills and working together as a team.

What we learned

We learned a lot about Solidity, how blockchains work, and how a static webpage can call the blockchain without needing an intermediary API (we can connect to the blockchain through MetaMask or RPC nodes).

What's next for ContractLock

Automatically booking the rentals or whatever else the group is attending when the beneficiary (person receiving everyone's funds) withdraws the funds.
Expanding this concept to other areas that need middlemen to mediate time-based transactions, potentially in finance.