ADO Idea Proposal - CW721 Timelock

[mdjakovic0920]

Contact Information -Name: Mitar Djakovic -Discord: -Email Address: mdjakovic0920@gmail.com

ADO Summary - What is the goal of this ADO and how does it function? The goal of this ADO is to implement a CW721 Timelock smart contract that allows users to create time-locked NFTs. These NFTs will be transferable but can not be redeemed until a specified time has passed. This feature ensures that the NFTs serve as secure, time-based assets for various applications, such as vesting schedules, delayed rewards, or time-restricted access to content.

The CW721 Timelock contract functions by allowing users to mint NFTs with a specified unlock time. The contract will store the unlock time and ensure that the NFTs cannot be redeemed or used until the specified time has elapsed. Users can interact with the contract to check the remaining time until their NFT can be redeemed. Once the time has passed, the NFTs can be fully utilized or transferred without restrictions, providing a trustless way to manage time-based NFT assets.

Does it need to work with another ADO or is it standalone? Also, does it implement any modules? This ADO can work with other ADOs such as Auction, Crowdfund, Marketplace and Vesting. It does not need to implement modules like Addresslist or Rates.

Are you planning to build this ADO yourself, or by the Andromeda team I am planning to build this ADO myself.

Credits/Associations - Is this ADO based upon a previous project or ADO or in partnership with any other groups or developers? If so, please list here and provide a link if possible. This ADO could be inspired by existing ADOs like Timelock and CW721.

Can you provide any docs/articles/research that explains the main idea of the ADO and how/why it is used.

• https://certik.medium.com/learn-about-crypto-what-is-a-timelock-ade497ec0bb9
• https://docs.andromedaprotocol.io/andromeda/andromeda-digital-objects/cw721
• https://docs.aura.network/developer/tutorials/non-fungible-tokens/cw721-intro/
• https://docs.oraichaindao.org/cosmwasm-quick-start/writing-cw-721-nft-contract

ADO Flow Breakdown - Please list and provide descriptions of each step in the ADO flow sequence (show us how to work with the ADO and associated workflow, visuals are great here):

Instantiation - What is defined when instantiating the ADO:

• Define the owner of NFT.
  • The NFT owner is specified during instantiation, providing administrative control over the NFT's settings and operations.
  • This step ensures that there is a designated entity responsible for managing and updating the NFT as needed.
• Link to CW721 Store the CW721 contract address that this timelock contract will interact with.
• Set Timelock Parameters
  • Define the default timelock duration or any specific conditions for the time-locked NFTs.
  • This configuration sets the foundation for how long the NFTs will be locked before they can be transferred.

Execution - After instantiation, what is the process for working with the ADO:

• Lock NFT Lock an NFT with a timelock. The NFT is locked for a specific duration, and the recipient is defined.
• Claim NFT After the timelock expires, anyone can call the claim function to send the NFT to the defined recipient.

Queries - What type of information will you need to include, search upon:

• Check Unlock Time Query the contract to check the unlock time of a specific NFT.
• Get NFT Details Retrieve detailed information about an NFT, including its unlock time and recipient.

Considerations/Concerns - What factors should be considered to mitigate risk of misuse, abuse, or other unintended scenarios, if any?

• Data Integrity and Tamper-Proofing: Ensure that the contract logic correctly verifies the unlock time and recipient details before processing any transactions. Use immutable data structures for storing lock details to prevent unauthorized changes. Implement strict validation checks in the contract to prevent malicious attempts to alter the timelock conditions or recipient information. This ensures the integrity of the timelock data.
• Access Control: Implement robust access control mechanisms to restrict who can set timelocks and claim NFTs. Only the contract owner or authorized entities should be able to set timelocks, while any user can claim an NFT after the timelock expires.
• Timelock Parameters: Define minimum and maximum limits for the timelock duration to prevent excessively short or long locking periods. These limits should be enforced by the contract to ensure reasonable and practical timelock periods.
• Timelock Expiry Management: Ensure that the logic for claiming NFTs after the timelock expires is correctly implemented and cannot be bypassed. Additionally, provide mechanisms for users to verify the timelock status and unlock time.
• Contract Upgradability and Maintenance: Consider the potential need for contract upgrades or maintenance. Implement a transparent process for updating the contract, with safeguards to prevent unauthorized changes.

Possible Next Iterations/Future Work - How can this ADO be further enhanced?

• Enhanced Access Control:
  • Enhancement: Implement more granular access control mechanisms, such as multi-signature authorization for setting or altering timelocks.
  • Future Work: Develop a system where multiple parties need to approve significant actions, enhancing security and preventing unauthorized modifications.
• Dynamic Timelock Adjustments:
  • Enhancement: Introduce functionality to extend or reduce the timelock duration under specific conditions, with appropriate safeguards to prevent abuse.
  • Future Work: Allow trusted entities or predefined rules to modify the timelock duration, providing flexibility while maintaining security.
• Automated Claim Mechanisms:
  • Enhancement: Develop automated mechanisms to claim NFTs immediately after the timelock expires, reducing the need for manual intervention.
  • Future Work: Create smart contract logic that automatically triggers the claim process as soon as the timelock condition is met, streamlining user experience.

Any Dependencies or Third Party Integrations? (Ex. Will this ADO need to work with anything off chain, a different app, etc?):

• CW721 Standard Contract:
  • Dependency: The CW721 Timelock Smart Contract relies on an existing CW721 standard contract to manage the minting, transfer, and ownership of NFTs.
  • Integration: Ensure seamless interaction with the CW721 contract by correctly implementing the CW721 interface and handling messages related to NFT operations.
• User Interface Applications:
  • Dependency: A user-friendly interface for interacting with the timelock contract is essential for usability.
  • Integration: Develop web or mobile applications using frameworks like React, Vue, or Flutter to provide an intuitive interface for users to manage their time-locked NFTs.

[kevincolahan]

Thank you for submission. This is under review currently. Will report back soon :)