Global Smart Contract Tool
Last updated
Last updated
Pakt’s Global Smart Contract tool currently establishes the mutually agreed-to specifics of a connection between two parties on a Chainsite, a connection that integrates the execution of a smart contract for the completion of the specifics. For phase 1, this tool does not itself author a smart contract but rather begins the flow of joining the parties in an agreement that influences Pakt’s
In this flow:
Alice enters details for a job into the Global Smart Contract Tool
The GSCT binds these details into a collection
Alice then invites Bob to the job
This triggers a request for Alice to deposit the job's funds in the Non-Custodial Escrow Wallet
Upon Alice's deposit, the collection is assigned to Bob.
Bob's completion of the collection's deliverables triggers the GSCT to inform Alice the job is complete
After Alice and Bob review each other, the GSCT triggers the release of the funds to Bob
Here the GSCT functions in three phases -- the creation of the Collection by Alice, the funding of the wallet connecting Bob to the collection via an Invite (only sent after funds arrive in the escrow wallet to ensure fair "skin in the game" between both parties), and the release of the funds from the escrow wallet to Bob after the completion of the collection's deliverables.
Note: For Phase 1, the Global Smart Contract Tool does not itself author a smart contract but rather begins the flow of joining the parties in an agreement that influences Pakt’s fully on-chain Non-Custodial Escrow Wallet. In later builds, Pakt’s Global Smart Contract Tool will author NFTs of the contract and later still, , with standardized variables hashed to the blockchain to represent the binding details of on-chain agreements formally recognized by the law in applicable jurisdictions.
The following diagram depicts the usage of the Global Smart Contract Tool between two parties, Alice and Bob, as it creates a freelancer work contract that is represented by a Collection that is linked to a .
