Create a Proof of Funds Contract in 4 Steps

January 4, 2020

A Proof of Funds contract allows users to prove they own a required amount of funds to a third party and locking the funds until they are needed.

Step 1: Setup a Proof of Funds contract

To create a Proof of Funds Contract, go to your LockerX dashboard and select the “Proof of Funds” tab, then click “Create Contract”.

Fill the form with the details for the contract.

  1. Contract information: Choose an asset, amount, locking time, reference and documents.
  1. User details: Full name, email and company name.
  1. Validator detail: Full name, email and company name.

Step 2: Contract creation

Press the “Create” button to create the smart contract and deploy it to the blockchain. You will be taken to the contract overview page, where you can see your smart contract details and its status on the network.

The Events section is at the bottom of the contract details page and it shows all the smart contract events in chronological order.

Step 3: Contract verification

After the contract has been issued, the validator will be contacted by email to verify the Proof of Funds. The email contains a link to the unique verification page, only the validator knows this link.

Step 4: Validation and release of funds

From the verification page, the validator can decide to release the funds. The Proof of Funds owner will receive an email notifying them of the event.

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