SmartDeposit
Description
This application was done during the ChainLink Hackathon Fall 2022
Contracts deployed on Polygon testnet Mumbai :
- VaultSortedList contract 0x86C6389cE6B243561144cD8356c94663934d127a
- DeFiRouter contract 0x574ebEc067d94E4FcDbCA74DF035c562b7E816A7
- AdminFeeCollector contract 0xECAFBCCec8fc5a50e3D896bFfDeFde0fc0b336d3
- VaultImplementation BASE contract 0x11eb8Cec495EE5731Fc723A16E37dff4c226D324
- VaultFactory contract 0xb7449B6eBd89F8e40040FA8FDD4E587A4e5747a6
- VaultListKeeper contract 0xeEa478d4Ff39Ce5f4303720756e3d50b9820849B
Inspiration
In many countries, flat tenants and landlords agree on a certain amount of money (called security deposit) to be given by the tenant and stored in the landlord’s or a third party’s bank account. This amount of money is returned in total or in part to the tenant at the end of the rental period if the flat didn't get damaged.
This system has multiple problems. When using a third party, both tenant and landlord need to trust the company they store the deposit to. When the deposit is just sent to the owner's bank account, the tenant still needs to trust this person. In any situations, some people in the deal are never really sure they'll see their money again. In addition to that, the process is cumbersome, especially in underprivileged parts of the world, because both parties need a bank account, because sending the funds can take long enough to threaten the conclusion of the deal, and because you might even need a clerk to oversee the whole process. Imagine having to do this for amounts smaller than in real estate, like car rentals, construction machinery rentals etc.
What it does
Thanks to SmartDeposit, all these problems are sorted. Any owner of any item can create a Vault in which the renter will send the deposit into. At the end of the rental period, owner & renter agree on an amount to be returned and both can withdraw their funds.