PIP-33: Lock Account Address
| Authors | Mr. HoDL (@Mr-HoDL58) |
|---|---|
| Discussion | View Discussion PIP-33 |
| Category | Core |
| Created | 2024-09-29 |
Table of Contents
Abstract
This proposal outlines the introduction of a new address type known as the “Lock Account Address.” The purpose of this new feature is to offer users a mechanism to lock their assets for a specified period, thereby promoting better financial management within our platform.
Motivation
The Lock Account Address will facilitate a unique type of transaction called the “Lock Transaction.” This transaction is a combination of bonding and unbonding, governed by specific date and time parameters. By implementing this mechanism, The project and its users can secure their funds over defined periods while still being able to withdraw portions of their assets when unlocked. This would serve as an alternative to PIP-32 by offering another solution to the unlocked reserve coins.
Specification
Addition of new address type Lock Account Address
Addition of new transaction types Lock and unlock
Lock Command Structure
The Lock Time Transaction will follow the command structure outlined below:
tx lock <from> <to> <amount> <lockdays> <unlockdays>
Parameters
Lockdays: This parameter represents the total amount of time the coins will be locked.
Unlockdays: This signifies the time interval between each unlock.
The formula for calculating the amount eligible for unlocking is given by:
locked_amount / lockdays * unlockdays = X per unlockdays
Example
For instance, if a user locks 100 coins for 100 days, with an unlock period of 1 day, the calculation would be:
100 coins locked / (100 days locked * 1 day) = 1 coin per day
The user will be able to unlock 1 coin every day until the locked amount is depleted.
Unlock Transaction Command Structure
The Unlock Transaction, which is used to withdraw the balance that has been unlocked, will follow this structure:
tx unlock <from> <to> <amount/available>
The “amount/available” to unlock will be automatically determined when the transaction is called, ensuring users only withdraw the amounts that have matured based on the lock parameters.
Additional Parameters
To provide users with greater flexibility and control, the Lock Time Transaction must include at least one lock parameter and one unlock parameter as above. Below are the definitions of potential additional time parameter flags:
Lockdays:
-lkdays: Equivalent to 8640 Blocks
-lkhours: Equivalent to 360 Blocks
-lkmins: Equivalent to 6 Blocks
Unlockdays:
-uldays: Equivalent to 8640 Blocks
-ulhour: Equivalent to 360 Blocks
-ulmins: Equivalent to 6 Blocks
Use of these parameters can be seen in this example:
tx lock <from> <to> <amount> -lkdays 100 -lkhours 0 -lkmins 0 -uldays 1 -ulhour 0 -ulmins 0
Copyright
Copyright and related rights waived via CC0.