Blockchain, both in the context of cryptocurrency and its underlying applications, has been the hottest topic of discussion in all areas of life. The common theme is the expected large scale and pervasive impact that the blockchain will have through all industries and all facets of life.
While blockchain as an academic discussion is not new by any means, recently there has been a widespread appreciation for the potential impact that it could have. Blockchain solutions provide the promise of transparency, disintermediation, a new understanding of security, and a distributed system which no longer requires exclusivity on centralized control; however, these solutions require more involvement and responsibility of a network’s participants. These elements are the core drivers for the sudden uptick in attention and notoriety in the space. One of the most discussed elements of blockchain has undoubtedly been cryptocurrency and the underlying transference of value; nearly instantaneously, with a de minimis cost and an unprecedented level of transparency.
However, while currency and legal tender have been a highly debated topic, the future impact of blockchain on the financial services industry has been made more than abundantly clear. Seemingly, everything that plagues our financial system today, whether it be simple wire transfers to large scale foreign currency transactions or institutional grade fraud, blockchain represents an opportunity to upgrade the entire society and system to a new paradigm. Hussy will play a key role in this new paradigm.
ABOUT HUSSY TOKEN
Employees in typical (non-Blockchain) companies are usually paid in regular monthly payments, e.g. 12 times per year. Vesting contracts simplifies this process and allows team members and advisors to be paid in ERC20 tokens in as many payments as they want.
Vesting contract allows to lock any given amount of tokens for any given duration, while only an aliquot part of this total amount is releasable at given time. Token vesting ensures a long-term commitment of people working on a project with more flexibility than common employment contract.
At HUSSY.io, we are using the standard and reliable OpenZeppelin token vesting contract. Source code of this contract is available in the official GitHub repository of the OpenZeppelin project.
There are two functions for interaction with the OpenZeppelin TokenVesting smart contract:
release(ERC20Basic token) — Releases the releasableAmount of tokens to the beneficiary address. This operation can be executed by anyone.
revoke(ERC20Basic token) — Releases the releasableAmount of tokens to the beneficiary address and the remaining unvested tokens are refunded back to the contract owner. This operation can be executed only by the TokenVesting contract owner.
What is the token vesting factory?
Factory is a software design pattern for creating instances of a class. Using this pattern simplifies creating new vesting contracts and saves transaction costs (“gas”). Instead of deploying a new TokenVesting contract for each team member, we deploy a single instance of TokenVestingFactory that ensures the creation of new token vesting contracts.