Scheduling ETH transactions — is this a killer app?

MyCrypto, a non-custodial ethereum and ERC20 token wallet, has introduced a new feature that allows ethereum users to schedule ETH transactions ahead of time.

It is an open source wallet that other wallets can connect to and this means the ETH transaction-scheduling feature on MyCrypto can be used by any ethereum wallet user, simply by connecting their existing wallets with MyCrypto.

This is a first in the wallet world and it uses Chrono Logic’s debt smart contracts and a time-related ethereum-based innovative tool.

The benefits

There are some significant benefits. First and foremost, ethereum users can now send transactions ahead of time on the Ethereum mainnet, and this potentially leads to more types of payments being available. For example, it would allow ethereum users to send funds to an ICO in advance and so never face being left out of the token sale. They could also send payments to subscriptions ahead of time, and schedule transactions to business partners or suppliers.

The MyCrypto team told “Maybe you want to get into that latest hot ICO but you’ll be away from your computer. Maybe you want an ENS domain name and don’t want to miss the reveal period Maybe you need to pay at a certain time for a subscription. Maybe you want to send yourself a reminder in the future (though there are probably better options for this).”

Vitalik Buterin also sees transaction scheduling as a valuable feature. He said: “I know there were a lot of interest in it [Ethereum alarm clock] way back when Piper created the alarm clock. It seems like something that would be very valuable.”

Taylor Monahan, the founder and CEO of MyCrypto, somewhat unsurprisingly supports Buterin’s view: ““I think it just opens up the possibility for a lot of things. One of them is multi-step transaction. When you have to complete a step and then you wait for something to happen, whether that is something in the real world or just like with the ENS for example.”

And, there’s something else important that you should know. Because scheduling and execution of transactions are completed with smart contracts that are audited, there is no risk of transactions failing, or being sent out at the wrong time.

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