Smart Contract Lockup Public Testing & Ecosystem Token Update

Gifto Official
Mar 21 · 5 min read

In our journey towards mass adoption and realizing our Gifto vision we have emphasized transparency with our community on Gifto token allocation and management. In late 2018, we announced our plans for token releases to power the ecosystem as well as for delayed release under a smart-contract lockup of “Company Reserve”.

Announcing Open Testing of Company Reserve Lockup Smart Contract

As per this announcement, we have developed a smart contract to demonstrate our long-term commitment to the Gifto token and enable the Gifto community to publicly monitor the release schedule of Company Reserve tokens. Note that as per our last announcement, the exact details of the release schedule may be subject to change.

The smart contract provides a failsafe, only to be used in a catastrophic emergency, which would enable the early movement of the tokens. The failsafe can only be activated if at least three of five team members agree to do so and would release the tokens to a pre-designated wallet.

Since we intend to lockup a very large amount of tokens, for full transparency and also extended security testing, we are posting the latest test version of the smart contract with a nominal amount of Gifto effective immediately, for the community to help us test. We have already received feedback from two smart contract security auditing companies, but are publicizing the test contract out of an abundance of caution. We expect to be able to officially enable the smart contract to lock up tokens in Q2.

See the smart contract here.

First Release of 2019 Ecosystem Tokens for Imminent Partnership Implementation

As announced previously, we plan to release up to 50mm GTO’s each year to further power the ecosystem and grow usage. The first release of 2019 will consist of 20 million GTO’s to support major new partnerships and their implementations in the next few months. These partnerships will mark brand new use cases for GTO which have substantial potential to help us fulfill the Gifto vision. Details on the first partnership will be announced next week, as it has its implementation and timing requirements. Please stay tuned.

As we move forward with developing more real-life use cases for Gifto, we will keep the community informed with any news update regarding token management. We thank you for all your support, and we will keep working towards fulfilling our whitepaper vision.

Smart Contract quickstart

Overview

The smart contract enables us to set a timed-release of tokens to a Gifto-managed wallet.

Example scenario

  1. The smart contract is published with 100m tokens, designating that the tokens will be locked up for two years, with a release of 1/8th of total tokens (12.5m tokens) every quarter. Five partners (Gifto team members) are designated with the ability to activate the quarterly transfers, if and only if, the amount of tokens to be transferred have satisfied the timed-release requirement.
  2. Once every quarter, an incremental 12.5m tokens are made available to transfer from the smart contract to the Company Reserve (aka “beneficiary wallet”) address, a Gifto-team managed wallet.
  3. After the first quarter completes, a Gifto team member (any one of five total partners) runs the contract, initiating a transfer for 12.5m tokens.

Note: The parameters used in the test contract are not the same as those used in this example. They are temporary and for testing purposes.

Partners — details

When the smart contract is initiated, five Gifto project members will be named as partners. Partners have the ability to do two things:

  • Initiate the withdrawal of any released tokens to the Gifto-project’s pre-designated beneficiary wallet owned by the Gifto project.
  • If at least three of five partners vote to cancel (revoke) the smart contract, the smart contract is canceled, and all tokens in the contract are immediately sent to the beneficiary address. This “failsafe” is meant only to be used in the event of a catastrophic emergency.

Reading the contract (anyone can do this, no gas needed)

View contract on Etherscan

voteAgreeCount — Returns latest number of votes to cancel the smart contract.

releasableAmount — Input the Gifto ERC-20 token smart contract address. Returns the total number of tokens which satisfy the time-based vesting requirements and may be transferred to the beneficiary (team) wallet.

beneficiary — Team wallet address which tokens may be transferred to once they satisfy the time-based vesting requirements. In the event the contract is cancelled (revoked), tokens will also be transferred here.

isRevocable — Returns whether or not the smart contract can be cancelled (revoked). This is only TRUE if at least three of five “partners” vote to cancel the contract and is meant only to be used in the event of a catastrophic emergency.

releaseStart — Time in the future when the token vesting begins.

owner — The address which published the contract.

interval — The period of time in seconds which must elapse, after the vesting start date (releaseStart), before tokens are made available for transfer to the beneficiary.

released — Input the Gifto ERC-20 token address, and it will return how many Gifto have been actually transferred to the beneficiary wallet.

times — The amount of token release events throughout the vest. For example, eight times over a two-year period.

partnerCount — Number of partners who can execute a transfer of releasable tokens (satisfy time-based vesting requirement). Also, if three of five partners vote to cancel the contract, it will transfer all tokens to the beneficiary wallet.

revoked — Number of tokens which have been transferred to the beneficiary wallet due to a cancellation of the smart contract.

Writing the contract (only partners or owner, gas needed)

View contract on Etherscan

release — Input Gifto token address. When run by any owner or partner, will transfer any fully-vested tokens to the beneficiary address.

revoke — Input Gifto token address. When run by any owner or partner, will initiate smart contract cancellation and transfer all tokens to the beneficiary address if and only if three or more partners have voted to revoke the contract.

revokeVoting — Input TRUE or FALSE. A partner can vote to cancel (revoke) the smart contract in the event of a catastrophic emergency. At least three of the five partners are required to set this as TRUE for a partner or owner to initiate the revocation process.

Gifto Official

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