Introducing Lock

The protocol to safely store and distribute Ethereum assets with smart contracts

Today we are excited to announce Lock, and v1 of the application is ready to use now on Ethereum mainnet — click here to try it (Metamask or another web3 wallet is required).

Lock’s mission is to standardize the token locking process through the most secure contracts and to integrate with dApps and interfaces across the entire Ethereum ecosystem.

Lock is a protocol that store ETH and ERC-20 tokens on the Ethereum blockchain using smart contracts. The protocol is intended to be a standalone application as well as a building block for other projects, ensuring the safe and simple storage of Ethereum based tokens across the ecosystem.

Use cases

Lock provides the service of quickly and securely time-locking your crypto assets. Here are some of the initial use cases envisioned for Lock:

1. Hold (HODL) — Timelock your ETH and ERC-20 tokens for any duration
2. Earn — Create locked interest-bearing accounts like CDs and annuities
3. Vest — Simple vesting for your investors and token holders
4. Distribute — Programmatic contract payouts at any frequency

The team will create a series of posts further explaining these use cases and will be posting them in the documentation too. More use cases will also be shared over time.

Lock works by using a system of Ethereum smart contracts that are publicly accessible, which any project can connect with. DApps and wallet interfaces using the protocol can provide simple time-locked storage for their users through Lock’s trusted contracts.

Lock services and functions

Lock provides these features to ensure that tokens on the protocol are always safe:

1. Never have custody of users’ tokens.
2. Utilize the emergency unlock feature for each asset. This will only be activated in case of a token upgrade, upcoming chain swap or other critical emergency where users need to claim their tokens.
3. Actively support all non-spam airdrops for tokens held in Lock. All users will need to do is claim their original tokens once they are unlocked and the airdropped tokens will also be sent to the user.
4. Move the governance decisions to users through a DAO over time if desired.

To conclude

More information about the release will be coming soon including a detailed report on the multiple audits Lock has gone through, as well as sharing about launch tokens.

For now, you can follow Lock at these places:

Website | Medium | Twitter | Github

And remember to try the application here.

Thanks for reading!