January 09, 2022
admin
Uncategorized

TimeWallet Live on Rinkeby

KEY INFORMATIONS

What is TimeWallet?

TimeWallet is the first TimeApp leveraging TimeDAO’s SDK.

It allows you to generate a selection of crypto wallets (ETH,BTC,DOGE,XTZ,XRP, BCH,LTC) and time lock their private keys. You still get access to your public keys at any time, which means you can add more funds to your wallets as time goes but you won’t get access to the private keys before the time… like a crypto PiggyBank with a timer on it. 

What for?  Some use cases

There are many use cases  for a tool that allows programmable delivery of cryptowallets, amongst them  :

  • Diamond Hand : you are betting on the long term but you don’t have the nerves ? You want to hodl like a pro ? Timelock your cryptos for a few months. No more worries
  • Tomorrow Money : You want to send your cryptos in the future, betting on the fact that the price will be much higher then. For example, you want to lock 1 BTC and send it 5 years from now. Once locked you know for sure you won’t be selling this BTC, you know that whatever happens, in 5 years you will have 1 BTC. 
  • Crypto “Trust Fund” : Save cryptos on a locked wallet for your children’s 21st birthday
  • Crypto “Saving Account” : a great way to save in crypto. Send a few cryptos every month on a timelocked wallet set to open on your birthday 3 years from now. 

How does it work, is it safe?

How it works

  • User selects 1 to 7 cryptowallets
  • Cryptowallet keys are generated locally
  • User chooses a handle, passphrase and opening date
  • Cryptowallet keys are encrypted with the handle/passphrase and stored in our smart contract 
  • Retrieve the public keys with your handle and passphrase at anytime
  • Retrieve the private keys  with your handle and passphrase after the opening date

It is safe!

This first version of TimeWallet has been built with security in mind from the ground up. When users create a TimeWallet, the selected crypto wallets keys are generated directly on your device, encrypted and, only then, stored in the smart contract, making the operation totally private. No one, not even us, has the possibility to know your keys.

How to test the TimeWallet Beta UI

Testing the TimeWallet is FREE. The fees displayed at step 4 are in Rinkeby test money not real ETH.
It free to get, you can claim some at: https://faucets.chain.link/rinkeby.
You can claim some with us trough discord: https://discord.gg/FRBHUSP2

1. Enter the TimeWallet

2.   Click on the “Create a TimeWallet” button

3.  Choose which type of wallet you want to generate. Currently one TimeWallet can contain ETH,BTC,DOGE,XTZ,XRP, BCH,LTC

4.  Choose an opening date and a handle/passphrase

5.  Pay for the transaction (with free testnet tokens). The keys are now stored in TimeDAO’s smart contract

6.  The public keys are displayed to the user to transfer currencies (test currencies only) into the wallets just created and time-locked. 

Done!  While your TimeWallet public keys are always available so that you can check the accounts and add more currencies, your private keys will only be visible after the predefined opening date. All the currencies you send to your TimeWallet are now time locked. 

Warning: 
This is a demo version of the TimeWallet, It is a proof of concept and should not be used to store anything of value. Please ONLY send testnet tokens to your demo TimeWallet.

Test it, play with it,  break it and… send your feedback

We just deployed TimeWallet Beta on the Rinkeby testnet and we invite you to test it,play with it,  break it. 

You can access it at https://timewallet.timedao.org

Although fully functional, TimeWallet’s UX is rudimentary and we need your feedback to improve it.  So please do NOT hesitate to contact us via Telegram or Discord with criticism, suggestions and feature requests (or just to say hi)

TimeWallet Beta is deployed on the Rinkeby Testnet. If you need some rinkeby test ETH you can get some for free here : 

Rinkeby Authenticated Faucet :
https://faucets.chain.link/rinkeby

What’s next?

We will establish a feedback loop within the community. The goal is to improve the TimeWallet iteratively in order to release a limited freemium version of the product in the next few months. It will be TimeDAO’s first public release and will open the way for exciting new developments. But more on that later 🙂

As always, we are available for questions on telegram and now on discord as well. Links below.
Telegram: t.me/timedao_group
Discord: https://discord.gg/g5tbwNdr
David: david.frisse@timedao.org
Ludovic: ludovic.desert@timedao.org

0 Comments