Quarashi ecosystem: How we built a vesting smart contract10 Oct 2021
Rock’n’Block developers created the vesting smart contract for the Quarashi ecosystem.
Why vesting is a good idea
Vesting a certain amount of tokens that are held for a period of time for the team, partners, consultants, and other contributors to the project. Smart contracts typically lock in a certain amount of funds until the terms of the contract are fulfilled.
For example, startups using blockchain technology can lock in a certain amount of tokens: the team can set aside, for example, 10% of coins to be gradually released once a month/quarter/year as the project progresses for financial purposes.
In general terms, the process of releasing these coins is called vesting. Vesting is usually used to show that the team is very interested in the project and will continue to work on developing it. In addition, vesting reduces market price manipulation.
Vesting Contract for Quarashi by Rock’n’Block
In this project, complex development was used, which included additional options besides the vesting contract itself, this backend, and frontend including application design. Also, our fellow developers created a token for the Quarashi project and a cross-chain bridge between Ethereum and Binance Smart Chain.
As mentioned, it wasn’t just the smart contract that was built. And also Backend connection to the server
The server side of the application works like this: The user comes to the project platform and chooses for how long he wants to get his tokens, conditions to choose for 3 for 6 and for 12 months.
The information goes to the smart contract — The backend catches the transaction and calls the contract at the right time, for example after 6 months according to the selected parameter.
Of the features of the development of vesting mechanics became on our team urgently, handing over to a tight deadline. The functionality described above will take about a couple of weeks to build: backend week + testing week before release.
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