About Droplet Escrow
🏦 Droplet is a modern escrow, smart contract on Ethereum.
💸 Each dispenser contract has a payer, a ERC-20 token that gets dispensed and one or more payees with specific rates per drip of that ERC-20 token. Anyone can transfer funds to the dispenser at any time and accumulated drip rates goes to the payees.
💎 Every member of the agreement can withdraw his fair share and pause the contract if necessary. Additionaly a contract start time must be defined, this defines the date the dispenser starts to drip. The start time can be in the future or past.
💱 Droplet is an experiment for distributing payments in a fast, secure and transparent way. We use Droplet to distribute payments to employees or partners in different time-periods.
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💭 You fancy contributing code, content, ideas or simply give feedback? 🤔
📋 Clone the repo and submit a pull request to /text-content folder 📋
👀 See How it Works! 👇
Setup a Droplet Escrow - How it Works
💡 Before You Start
- We recommend to use the Metamask Browser Wallet
- Make sure you have some ETH on your wallet, as the Droplet contract deployment will cost some transaction fees.
🥑 Ready? Let's Go!
Here is a walkthrough to get started with our droplet contract:
Select A Token To Payout
Simply choose from a wide range of ERC-20 tokens, incl. WETH, DAI, WBTC, etc...
- If you cant find your token, paste the contract address in the form.
Select a Payer
The Payer address initiates the contract setup and will be able to start & stop the payout process. To ensure a possible recovery of tokens, Payers receive all refunds and leftovers from the droplet contract. The Payer is typically responsible to coordinate the setup and provide funding of the contract, e.g. Project Manager coordinating humans and capital within a project.
You can also just setup the contract and use another payer address to recover funds, e.g. Company Address or a Multi-Sig Wallet.
- Whatever the situation, the Payer/Originator is captured as a 0x address or ENS name.
- Please make sure to have access to the address and wallet you choose as Payer.
Select a Starting Time
Next step is to decide when the droplet is starting to calculate the first wave of payout funds from the contract to the payees.
💡 Pro Tip
You can also design retrospective payouts when you select a past date. The contract will calculate the retrospective hours/days/weeks and will send the respective funds to all payees included in the setup.
Select Your Drip Rate/Interval
Once you have a starting date you need to decide how often the droplet is paying out to the payees. You can select from the following payout options: hourly, daily & weekly
❗ Please Note:
Based on your interval choice the contract will allocate funds to all the payees.
You can not change the interval once the contract is setup.
Select Your Payees
Only Payees added by the Payer will receive the desired token as a payment.
How much does the payee earn? Our Droplet contract calculates on a 24 hour basis.
So it's fairly easy to decide on a daily drip or weekly drip payment in total numbers.
Quick example to show you how to calculate your "drip-rate" for hourly rates:
- Designer Alice takes 99,99 DAI per hour for her 3D graphic designer skills.
- Project Manager Bob is hiring Alice for his project and wants to use Droplet.
- Alice works 8 hours per day and charges them to Bob on a daily basis.
Here is the math:
- 99,99 DAI multiplied by 8,00 working hours = 799,92 DAI per day
- 799,92 DAI divided by 24 hours = 33,33 DAI per Drip
Bob will enter the desired amount of Alice and can include a different rate for the next expert working on the project.
So everyone get's to claim there tokens whenever they want, while Bob and the creatives can still decide and negotiate how much everyone is earning.
⚠️ Important:
All payees will be paid in the chosen interval, you can only decide on different rates per drip.
The Interface will show you a full list of payees and their respective amount per drip:
Create Your Droplet Contract
Once you entered all information, check all details once again and make sure to have ETH in your MetaMask Wallet, then ...
🎉 Congratulations!
You just created your first droplet contract! Just wait for the transaction to confirm :)
Managing Your Droplet Contract
Everyone can fund the droplet by simply sending funds to the contract address. The Droplet only pays out funds when the contract is funded with the chosen ERC-20 Token.
Here is another DAI Example:
Trigger a Payout - "Drip Funds"
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Payees can trigger the "drip funds" option anytime.
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Everyone can trigger the "drip funds" option and take over tx cost in favour of payees.
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Only Payers can add Payees to the contract before the setup.
DANGER ZONE
Whatever the reason for terminating the Droplet Agreement:
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Everyone can pause the actions by submitting a tx, but only the Payer will receive all remaining funds of the contract when the Droplet is drained.
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That includes all funds within the contract, so this feature can also be used for Recovery Purposes.
Token Recovery
If a wrong ERC-20 token gets transferred to the dispenser, then this token can be recovered by an additional function (recoverLostTokens) that sends the funds to the first payee of the dispensing contract.
After that, additional social recovery must be performed.
Development
Run the tests with yarn test.
You can run single/multiple tests only with yarn _test path/to/file(s).
The tests require geth, version 1.9.9 is recommended and you can grab it here: https://geth.ethereum.org/downloads/.
Deploy
GAS_GWEI=3 ROOT_RPC_URL=http://localhost:8222 PRIV_KEY=0x2bdd21761a483f71054e14f5b827213567971c676928d9a1808cbfa4b7501200 ./scripts/deploy.js build/contracts/Dispenser.json
Deployments
On Mainnet:
Contract
https://etherscan.io/address/0xeC41c0F035Ce9127c506fD726fC22F393b350fE4
UI
https://bafybeihib7iidmo3okkjayoltvlav6gz7rohwwvbtzjnpzbld3ussp7une.ipfs.infura-ipfs.io/ https://bafybeihib7iidmo3okkjayoltvlav6gz7rohwwvbtzjnpzbld3ussp7une.ipfs.cf-ipfs.com/
On Ropsten:
Contract
https://ropsten.etherscan.io/address/0x55973C53DdE65A050BFBb15ADc6a9F19B7A888A6
UI
https://bafybeiatkzhpyx24b3mdgpgqrypx2wqxgyiac5ikxtg67qsyx5iyhemcei.ipfs.infura-ipfs.io/ https://bafybeiatkzhpyx24b3mdgpgqrypx2wqxgyiac5ikxtg67qsyx5iyhemcei.ipfs.cf-ipfs.com/