Summary
LockerX increases security when sending payments by using Stellar Smart Contracts and attaching documents to them.
Goals
Payments are more complex than they look: when sending payments you want to delay it as much as possible to make sure you are receiving what you paid for (either physical goods or services), similarly, when you offer goods or services you want to ensure you will get paid. One of the problems of cryptocurrencies is that once the payment is sent, there is no way to undo it.
LockerX aims to solve this problem by creating smart contracts that lock funds in place, while at the same time giving both parties control of where the funds will go at the end of the transaction.
Our solution also includes the ability to attach documents to the smart contract by cryptographically hashing the documents and storing the hash on the ledger. In the future, we plan to make signing the transaction equivalent to signing the attached documents by meeting the legal requirements for electronic signatures.
When discussing LockerX in person, we’ve received interest from people that already use or are familiar with other cryptocurrencies. We will integrate with existing anchors such as Papaya by implementing all the relevant SEPs for smooth onboarding of users on the Stellar network.
Open Ecosystem
We believe in open ecosystems, that’s why we decided to build our project on Stellar. We decided to open and document the API we use to build our web application to enable users to build on top of LockerX. Users can, for example, build scripts to automate their workflow or to integrate with their existing billing solution. You can read more and find the example code on the LockerX developers page or ask more questions in the Keybase group.
More about LockerX
LockerX includes a custodial wallet that is used to keep users funds and create smart contracts. The wallet secret key is stored on Google Cloud SQL (encrypted at rest) and encrypted using Google KMS. Only one non-exposed service has access to this data. As support for SEP-0007 wallets increases, there will be less need to use this intermediate wallet.
We are good citizens in the Stellar Ecosystem: all wallets and smart contract accounts receive their unique federation address so they are easier to share with others. All smart contract transactions have a link to Stellar Expert so they can be independently audited.
LockerX accounts can be protected with Two Factor Authentication, visit your account page to enable it.
Integration with wallets
We had a chat with a few members of the community at Meridian (it was great!) and we decided to postpone implementing SEP-0007 since the support for it seems fragmented. We also want to stabilise the format of our transactions before taking this step. We will keep monitoring the state of delegate signing since it fits with our vision of having the user in control.
Timeline
Proof of Fund API -- 2019Q4
Document attach function -- 2019Q4
Test anchor for BTC and ETH -- 2019Q4-2020Q1
Collaborate with wallet and exchange in the ecosystem -- 2020Q1-Q2
Escrow payment test and release -- 2020Q1-Q2
Escrow payment API -- 2020Q1-Q2
Links
Website: https://lockerx.co.uk
Twitter: https://twitter.com/lockerx_uk
Emails: info@lockerx.co.uk / security@lockerx.co.uk / privacy@lockerx.co.uk
Anything Else
There is not much information available on Stellar Smart Contracts, so we decided to start blogging about them:
