What does Ethereum Alarm Clock do?
In the emerging field of block-chain technologies, there are evolving services that will revolutionize new ways to send payments.
Why Ethereum Alarm Clock? What is it going to do?
How ethereum blockchain is ran now, as soon as the code is exeucted and the user sends a payment, it is send directly to the given receiver. What if the user wanted to send a rent payment on a certain date? They would have to remember each day they wanted to pay the rent, and then have to go through the trouble of sending the payments that day. Why do that when you can just set it to be sent on that day, and never have to worry about it.
How are the transactions executed?
When a user schedules a transaction, a new smart contract with all the information needed is created. The transaction will carry a specific time, or execution window, that will enable the contract to be sent, carrying the specifics of how much money, who to be sent to, etc.
TransactionRequest
The contracts described above are known as Transaction-Request contracts. These contracts are written to provide almost guarantees of correctness to both parties participating in the transaction. The creator of this contract will give a window specified by them, and will ensure that the contract will be sent during those times.
Information goes into a transaction
A transaction will execute with the given information:
Details about the transaction like, address payment should be sent to, or how much ether should be sent with the transaction.
Details about when the transaction should be executed. Information will include the window of time, or blocks during which this transaction can be executed.
Ether, that will in turn be paid to the account that will then trigger the transaction.
Scheduling will be done by calling a Scheduler contract which handles creation of this specific TR contract.
Problems that lie within the Alarm Clock
This service, as you may have concluded, relies on two parties participating in each event. Without the communication to the receiver, the smart contract will not be executed.
