Making a time savings contract in Ethereum
Legend has it that Ulysses really wanted to hear some sirens sing, unfortunately they had a tendency to convince the captains and crews of passing ships to steer their vessels into some rocks… and collect their skulls. Ulysses solution to this problem was to command his crewmen to tie him to the mast so he could enjoy the concert, ( importantly he also instructed them to cover their ears) .
Savings accounts present you with a similar problem, let’s say you have some money left from your paycheck in your checking account, you might want to save it for a rainy day or an important future event, but there are sirens everywhere in the form of shinny things you want to spend your money on, so most savings accounts and instruments don’t allow you to withdraw your money after a certain date, they effectively tie you to the mast.
We don’t yet have a cryptocurrency bank that offers traditional savings since well, they don’t pay interests, and it’s a descentralized currency,so in the spirit of be “ your own bank™ ” you can make the best next thing, a contract that will tie you to the mast and lock your Ether for a period of time, I’ll go over the uses & logic later, for now let’s get down to it:
