Lets start this Tutorial off with something far more sweeter! Chocolate Cookies!
I am a self confessed cookie monster, once I open a packet of cookies its non stop munching until only crumbs are left in the packet! 🙂 Then later in the day when I have a cup of tea in hand I have nothing to dunk :-(, if only I could put away half a pack before I start munching and there was no way I could get to this half pack until my evening cuppa tea!
Introducing Escrow, the Kitchen Safe cookie jar for the weak minded
OK, this is not called Escrow but it really is a real product, I am not alone! 🙂
If you are reading this tutorial then I presume you either have some XRP or you will soon own some of the best Digital Asset ever created! Your plan is to cash out gradually, 10% here 10% there over months or over years, slowly slowly to control your spend, but what if you are a cookie monster like me and the temptation to sell the lot over takes you and all your planning goes out the window!
Introducing Escrow, lock up your XRP and release at set dates! No cookie cheating here. Your XRP is safe from you! Far safer than the Kitchen Safe Glass cookie jar that can be dealt with using a hammer! 🙂
Escrow is a feature on the XRP Ledger and does a lot more than time-lock but as an introduction we will focus on the time-lock feature only for now.
I start by logging into my XRP Tip Bot account on my PC and select Withdraw
When the Withdraw window opens I can then select the amount of XRP to be locked up, then select the Escrow check box to expand its options
Now with the Escrow Enabled I can set the time-lock date and time.
Then enter the destination Wallet Address, as I am using the demo Toast Wallet I created here, I do not need to add a Destination Tag for Toast Wallet.
Note: Carefully Read and pay attention to the red warning message! I am sending to Toast Wallet so all good here.
Add a Ledger memo as to why you have crated this Escrow, it could have been set for years in the future and a little reminder would be a good idea!
There is a Donation Check box to support the developer.
Now I select Withdraw
A popup to recheck if a Tag is required, remember if your destination is an exchange or other pool wallet that does accept Escrow transactions and requires a Tag then if this is not provided your XRP will most likely be lost!
Selected Continue Without Tag
Confirmation is shown stating the request is being processed
After a few seconds a final confirmation the XRP was sent to the destination Wallet pending the time-lock, the XRP has been deducted from my XRP Tip Bot balance but will not show up into my Toast Wallet until the date and time specified in the Escrow.
Back at the XRP Tip Bot Dashboard if I look down at Withdrawals I can see an entry for the Escrow transaction.
The small blue padlock indicates the withdrawal was an Escrow transaction and I can select the Link (Globe icon) and a Bithomp page opens showing the XRP Ledger Escrow creation
The Escrow was automatically executed at the date and time specified and the XRP automatically appeared in the Toast Wallet within a 60 seconds!
Unlike some other XRP Escrow creators the charge using XRP Tip Bot was the Blockchain fee only! Plus the Donation ‘if’ selected!
XRPTipBot Escrow stats: https://ledger.exposed/escrow-stats
For a more in depth read on the XRP Escrow feature visit the XRP Developer site at https://developers.ripple.com/escrow.html