Forthewin Network has launched FTW Locker, a time locking utility for NEP-17 tokens. The service is designed to give Neo-based crypto startups and other users the tools to handle vesting, delayed payments, and other time-restricted transfers.
FTW Locker is now live on the N3 MainNet. Users can create new lockers, search for lockers by their ID number, list their owned keys, and view lockers by contract.
Sending tokens to a locker costs 100 NEP tokens upfront. When creating a new locker, the user can choose the token to lock, the quantity to lock, the time that the locker can be opened, and which address should receive the corresponding key.
Locker keys are distributed in NFT form. This makes it possible for the key to change hands, whether through a normal transfer or by being sold on an exchange. After the timelock for the locker has elapsed, the NFT key owner can use it to retrieve the locker’s contents.
The Forthewin team envisions a number of use cases for Locker. Examples include vesting (demoed by FTW to vest NEP tokens allocated to the team), performing airdrops and giveaways, paying timelocked wages, and novel forms of fundraising.
The original announcement article can be read at the following link: