The Vault is a general purpose smart contract to securely automate payments in Dapps & DAOs
This is Giveth's first campaign, raising funds for testing and auditing the upgraded version of The Vault and Vault Controller smart contracts, which implement important security features in a modular, decentralized fashion. We hope these contracts can prevent future decentralized projects from having a similar fate as The DAO. The Vault contract development is in conjunction with major funding and input from Blockchains.com.
ABOUT THE PROJECT
The Vault was open sourced in January. A security-focused smart contract built in response to The DAO hack, it empowers decentralized projects with important security features like an escape hatch, and an owner to maintain a whitelist of approved spenders and cancel payments within a set time delay. As trust with the supporting smart contracts is built, these centralizing security features can be removed as they are less needed so that full decentralization can be achieved in a safe, gradual way.
The first version has improved greatly over the past 5 months, enabling safe token storage and the development of Vault Controller for even more optional security features, like trusted child vaults, opening hours, and transaction limits. All these features need to be tested thoroughly and audited by experts in preparation for an eventual bug bounty. This campaign will raise the funds to allow our team of talented Solidity developers to focus on these smart contracts and give them a professional audit.
All funds collected will be transparently paid out using Giveth's Donation Dapp upon the completion of the audit. Griff Green of Giveth.io and Rei Stern of Blockchains.com both have the ability to reject any requested payments if the milestones have not been completed.
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Open Sourced for General Use
The Vault will likely become a standard contract in our ecosystem that Dapps can utilize for greater security.
100% Transparency, No Overhead
Using the Giveth Dapp, every wei donated will be accounted for and 100% of the donations go to the developers that are doing the work.
Reasonable Funding Request
This campaign requests only what is needed to audit these contracts: 600 ETH, 300 of which is generously sponsored by Blockchains.com. If extra funds are raised, they will be carried over to the next phase of this campaign: The Vault Bug Bounty.
Unlike the ICOs so far, the Testing Team will not receive any funds until they have completed their Milestones and >90% of the payouts will not occur until the code is ready for The Vault Bug Bounty.
Rei Stern and the Blockchains.com development team will provide additional oversight to the development and testing of The Vault contract.
Meet our amazing team
Join the Giveth Community!
We are actively seeking collaborators and interested parties to help us make this vision a reality.
If you want to learn to work on a versatile smart contract platform empowering people to make a real change in this world, join our Slack and jump into our #study-group channel to learn more about working with Solidity based smart contracts. And if you are all ready an accomplished Dev join the #devteam channel and help us build a better future! See you on the Slack.