How Zenland works
Zenland is the first smart contract platform for safe and simple online deals. This guide will walk you through all the steps to get your first smart contract done.
Below are your example case details:
Contract terms | Details |
|---|---|
Contract participants | X, the current owner (the seller), Y, the future owner (the buyer) |
Object of sale | "zen.land" domain name |
Due date | April 29, 2022 |
Selected network | Rinkeby Test Network |
Agreed amount | 575 USDT (Compound) |
Buyer protection time | 12 hours |
Zenland fee | Y agrees to pay a fee of $9.9 |
With the details of the case in mind, let's follow the steps.
On their first logins, users receive a default "Anonymous" username. The profile address displayed is a crypto wallet address they use to sign in. No personal information like an email address or a username is asked. The default information can be customized later on from the Profile Settings.
The New Contract Form requires both users' crypto wallet addresses so the X has sent the wallet address to the Y. They have also decided how and when the domain name is transferred to Y's registrar account. The parties agreed on the buyer protection time, and the tokens sent via the selected network.
Note that in cases when the fee is split 50/50, both parties must have a balance not lower than the sum to be paid by each party. In our case, only Y deposits the sum to pay the Zenland fee (as agreed).
The login is the same as seen in STEP 1. The new contract can be found under the Contracts on the dashboard. Approve action signs the deal between the current and the future owners of the domain name.
At this point, the contract is given its contract address which is the exact location of the contract data in the blockchain database.
The agreed amount of $575 USDT(Compound) is now guarded by the contract until the contract conditions are met. The contract is now active and the due date countdown has started.
Notified, user X sees that user Y has sent funds to the contract and starts the domain transfer process. Once complete, X writes an order completion message to Y and waits for the funds to be released.
The contract executes and the funds are sent to user X's crypto wallet address specified in the contract terms.
User X checks the specified crypto wallet address and notices funds added to it. X leaves a 5-star review and both X and Y are satisfied with how their contract agreement has ended.
That's it!
You've just closed your first Zenland contract.
If you are curious and want to see what kind of contract data is stored on the blockchain, you can use an official blockchain explorer Etherscan to find the contract above.
Zenland test contract URL: https://rinkeby.etherscan.io/address/0xEe178398562A277D6D47849fD4d89f4453A1C938#tokentxns
Zenland test contract address: 0xEe178398562A277D6D47849fD4d89f4453A1C938
Here is a snapshot of the agreed amount of 575 USDT sent [IN] and released [OUT] from the contract described in our case together with the two wallet addresses of the sender and the receiver. You can also see that all the transactions are timestamped to see when they occur.
Important!
Please note that test networks are for test only and their tokens have no real-world value as mainnet ETH or other altcoins. They exist so that anyone can try smart contracts to see how they work. Other than selecting the test network, the actual smart contract process follows the same steps as described above.
Last modified 1yr ago