Although the cryptocurrency industry is in its infancy, each passing day comes with a new invention. One of the latest in the series of innovations in the Ethereum blockchain is transaction scheduling. Come to think of it, how did you feel the last time you missed your flight? You felt pretty bad, right? What if we told you that with your Ethereum Wallet, you won’t have to miss out on anything any longer? Wondering how is that possible? Don’t wonder anymore because it is possible, and we will show you “how” in this piece.
What is Transaction Scheduling?
Before we show you how to do it, you need to understand the subject matter and the things you can do with transaction scheduling. Essentially, transaction scheduling means that Ethereum users can send transactions ahead of time via the Ethereum mainnet. For the sake of clarity, you may call it Ethereum alarm clock (not official though). Indeed, the function allows you to schedule transactions before the actual execution day. No doubt, this feature is important for a number of reasons:
- Paying for an ICO (Initial Coin Offering) that will kick off at a later date, but you may be away from your computer on that day.
- Sending yourself a reminder to do something in the future.
- When you don’t want to miss out on the ENS domain name renewal period.
- Paying for a subscription at a given time.
- Scheduling transaction with a supplier or a business partner.
- … and many other things.
Ethereum Transaction Scheduling Developer
Now you know the things you can actually do with that function. Speaking of the developers, MyCrypto team developed transaction scheduling. Therefore, MyCrypto is a non-custodial ERC-20 token wallet which the co-founder of MyEtherWallet (Ethereum wallet) created. Furthermore, MyCrypto has an integrated feature that allows Ethereum token users to schedule transactions. By sharing a striking similarity with MyEtherWallet, MyCrypto enables users to directly connect to Trezor.
1. The Overview of Transaction Scheduling
To successfully schedule Ethereum transactions, MyCrypto employed temporal Ethereum-powered Alarm Clock and Chrono Logic debt smart contracts. With all this working seamlessly, ETH users can effectively schedule transactions ahead of time. Nonetheless, keep in mind that, before now, scheduling transactions within the Ethereum ecosystem was not possible.
Also, you need to clearly specify all the necessary details that you wish to send. That’s not all. You will also have to provide an upfront payment of gas cost for that transaction. When this is done, then the Ethereum smart contracts execute the transaction for you at a later date or time. Indeed, it is a trustless transaction, meaning that smart contracts execute it without giving privileges to any user. That said, let’s show you how to schedule transactions.
2. How to Schedule a Transaction
If you are interested in the code for transaction scheduling, it is an open-source code under the MIT license and available for viewing on the Github repository. Therefore, you may visit Github to have the code. Moving forward, to schedule a transaction, you need to visit https://mycrypto.com. Before scheduling transactions, there are a series of instructions on the page that you need to read carefully. If you are on the site now, click on “Send Ether & Tokens.” Afterward, you click on “Send Later.” At this point, additional options will pop up, which will require you to input all the details of the transaction.
Going further into the details, you will need to input the following:
- Address: First of all, you should input the address of the scheduled transaction.
- Require Deposit: This function means that TimeNode needs to deposit a certain amount of ETH. Upon doing so, you will gain an exclusive time window that will enable the ecosystem to execute the transaction for you.
- Window: Here, you should include a window of time or blocks at the time you expect smart contracts to execute the transaction. The minimum time-window that Ethereum Alarm Clock algorithm requires is about 20 blocks or 5 minutes.
- Future Gas Price: In addition, you must include Ether to pay for that transaction that smart contracts will execute for you in the future. As you must already be aware of, every future transaction has a gas cost. Similarly, there is Future Gas Limit, which means the gas limit when executing the scheduled transaction in the future
- Time Bounty: This defines the given amount of ETH you will pay the TimeNode in exchange for the execution of your contract. The rule of thumb is, the higher the Time Bounty, the more likely it is that the system will execute your transaction.
3. Transaction Cancellation
For some reason, you may change your mind about the transaction and want to cancel it. To achieve this, you will have to follow the instructions below.
- Visit chronologic.network and locate your transaction. To make that fast, you will need the search box.
- Upon locating your transaction, click on “details” to view it.
- Then you will select transaction Ethereum owner, which is in MetaMask.
- Here, you will see the “Cancel” button and click on it. At this point, the transaction is reversed and you will get your funds back. But before that, you will have to take the next step.
- You have to confirm the cancellation of the transaction. To this end, click on the “cancel” that pops up after sending the previous request. This is to enable the system to confirm the cancellation.
4. Transaction Scheduling Security
Are you worried sick about the security of this whole process? Let’s be clear on this: it is very secure. Undoubtedly, it is because smart contracts secure the entire process. On the other hand, the automated test suite secures the code of the smart contracts. They also confirm the mathematical calculations and ensure that the transaction life-cycle works as intended. Keep in mind that the Ethereum Alarm Clock has successfully passed an audit.
Ethereum Wallet Transaction Scheduling Takeaway
In conclusion, these tried-and-tested instructions help you to effectively schedule your transactions. Obviously, transaction scheduling within the Ethereum Wallet ecosystem is the next big thing given that it enables you to execute transactions ahead of time. Therefore, it makes navigating on Ethereum seamless, convenient, and fun. Indeed, you wouldn’t want to miss many important opportunities because they slipped your mind. Now, you can have things done way ahead of time. By launching the service on the mainnet, it means everyone can give it a try, including you. The process is straightforward and easy. Also, the graphical user interface (GUI) is friendly, so you don’t need to be a computer programmer to do it. Simply follow the instructions carefully and get it done. Why not give it a try now?
This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
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