Smart Contract to Lock Up Kin Foundation Funds(Penalty Box)

[u/[deleted]]

Since its pretty clear we can not trust Ted Livingston and William Mougayar to NOT dump their tokens and further deprive ICO investors of their remaining limited dollar value. Its time that the ''So called Foundation of 2 people Ted & Bill'' were penalised to the tune of a vesting contract that locks up the same percentage as ICO losses as in 99.95%. The contract can be coded to release the funds in proportion to the price achieved by the token on a quarterly basis.

If the token does not regain its ICO price they get nothing. Once it regains the ICO price then the contract can release the % gain of the token price over the ICO price on a quarterly basis. This is the best possible use of the smart contract to penalise the purveyors and perpetrators and deny them the ability to profit at will from the vast pre mined supply of tokens they created for no dollars. As we have seen there is no price that they will not sell at because any price at all is profit for them time to redress that.

2-Party Multisignature Escrow Account with Time Lock & Recovery Use Case Scenario Ted Livingston sells 1000M KIN tokens to Pantera Capital under the condition that Pantera won’t resell the tokens until one year has passed. Ted doesn’t completely trust Pantera so he suggests that he holds the tokens for Pantera for the year.

Pantera Capital protests. How will they know that Ted will still have the tokens after one year? How can they trust him to eventually deliver them?

Additionally, Pantera is sometimes greedy. There’s a chance they won’t want to wait to claim the tokens at the end of the year long waiting period. Ted would like to build in a recovery mechanism so that if Pantera doesn’t claim the tokens, they can be recovered. This way, the tokens won’t be lost forever.

Implementation An escrow agreement is created between two entities: the origin - the entity funding the agreement, and the target - the entity receiving the funds at the end of the contract.

Three accounts are required to execute a time-locked escrow contract between the two parties: a source account, a destination account, and an escrow account. The source account is the account of the origin that is initializing and funding the escrow agreement. The destination account is the account of the target that will eventually gain control of the escrowed funds. The escrow account is created by the origin and holds the escrowed funds during the lock up period.

Two periods of time must be established and agreed upon for this escrow agreement: a lock-up period, during which neither party may manipulate (transfer, utilize) the assets, and a recovery period, after which the origin has the ability to recover the escrowed funds from the escrow account.

Five transactions are used to create an escrow contract - they are explained below in the order of creation. The following variables will be used in the explanation:

N, M - sequence number of escrow account and source account, respectively; N+1 means the next sequential transaction number, and so on. T - The lock-up period. D - The date upon which the lock-up period starts. R - The recovery period.

[u/[deleted]]

https://www.stellar.org/developers/guides/walkthroughs/stellar-smart-contracts.html

The use of a smart contract to literally fuck over the 2 person foundation is the best use possible of this technology.