Smart Contract To Protect Community Property.
Promise is cheap, let's sign a smart contract!
It is a smart contract in Ethereum which aims to protect the community property. The most common way to protect the community property is spliting the private key and save different parts by different community members. However there are mainly two problems with this approach:
- Community members must gather together to use the private key in order to protect their slice.
- All of the property will be lost if something unexpected happens on one of the member.
The smart contract works as a decentralized bank. Member can deposit and withdraw Eth for example(TODO: all tokens) using their public address. Communit member need to send a request to their partner first and after the request is accepted by the partner the relationship is built completely. Then all the ETH in their balance is protected by the smart contract, no one can use the ETH without their partner's promise. It sounds like the common way like split the private key. But with smart contract you can solve the two problems.
- The first one is easy. You can tell the contract how much ETH is allowed to your partner.
- The second one, we are still working on this. But the main idea is introducing the third part.
Read the code and discover by yourself.:stuck_out_tongue_winking_eye: