ERC-1638: GiftVault -- a ceremony for safe unboxing of a time-locked multisig smart contract holding gifts


#1

Hi everyone!

I’ve submitted an EIP to propose a new kind of mostly* safe gifting experience for assets on the Ethereum blockchain.

Summary

GiftVault smart contract standard and ceremony are designed to provide superior gifting/unboxing experience that doesn’t impose undue operation security burdens and assures peace of mind for participants.

Abstract

This standard provides basic functionality to create, transfer, and recover assets packaged as gifts on the Ethereum blockchain. GiftVault is designed to be compatible with multiple third-party wallets.

Gifter and gift recepient perform a guided ceremony to protect the gift both from malicious actors and inadvertent loss.

User experience of any gift-related product is paramount. As as result GiftVault specs include both smart contract interface specification and UX/UI specs for wallets and apps.

GiftVault design embraces redundancy to minimize loss of assets which leads to increased complexity. UX/UI trials are required before finalization of standard.

Gifts are a powerful viral user acquisition channel and as a result wallets are incentivized to implement the GiftVault standard and maintain the notification infrastructure.

Next steps

This is a first draft. Next iterations require extensive testing by wallet developers and users.

Your feedback, discussion, and criticism are appreciated.

Thank you