This time lock wallet has several applications, including:
-
Vesting for an ICO: When a company raises money through an ICO, team members are often given a large proportion of the tokens. By locking these tokens, team members can only access them after a certain period of time, ensuring that the market price is not affected.
-
Crypto-based "Last Will and Testament": Can be used as a crypto-will, allowing users to store their cryptocurrency savings in a contract accessible by family members after a certain event occurs. For example, the wallet can be set to check-in at regular intervals, and if the owner does not respond, it can be assumed that something has happened to them, and the funds can be distributed to the family members.
-
Pension or trust fund: Can be used to create a small pension fund or time-based savings account, preventing the owner from withdrawing any funds before a certain time in the future.
-
Gifting cryptocurrency: Can be used to create gifts for loved ones, allowing users to set up a wallet to gift cryptocurrency on a specific date or event. The private key and address of the wallet can be written down on a piece of paper and given to the person, who can then access the funds by calling a function on the contract once the specified time has elapsed.