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Ethereum Wallets are Enabling Transaction Scheduling, Killer Feature

Last Updated March 4, 2021 3:41 PM
Joseph Young
Last Updated March 4, 2021 3:41 PM

MyCrypto, a non-custodial Ethereum and ERC20 token wallet created by the co-founder of MyEtherWallet, has integrated a feature that enables Ethereum users to schedule ETH transactions ahead of time.

On MyCrypto, an open-source wallet that is structurally similar to MyEtherWallet, users can connect hardware wallets like Trezor and other non-custodial wallets such as MetaMask to use their existing wallets on a better interface.

As such, the ETH transaction scheduling feature on MyCrypto can be used by any Ethereum wallet user by simply connecting their existing wallets with MyCrypto.

Scheduling Transactions

MyCrypto is the first wallet platform to implement native cryptocurrency transaction scheduling by utilizing Chrono Logic’s debt smart contracts and temporal Ethereum-based innovation.

With it, Ethereum users can now send transactions ahead of time on the Ethereum mainnet, which opens up the possibility of the types of payments that simply did not exist before.

For instance, with the feature, Ethereum users can send funds to an ICO in advance to refrain from being left out of the token sale, send payments to subscriptions ahead of time, and schedule transactions to business partners or suppliers.

ethereum wallet

“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),” the MyCrypto team said.

In an interview with the Chrono Logic team, Ethereum co-creator Vitalik Buterin stated that scheduling transactions is a feature that is very valuable, as he explained:

“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 echoed a similar sentiment as Buterin, stating:

“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.”

More Wallets Interested

MetaMask software developer Frankie Pangilinan said that alarm clocks are good for subscriptions, while Ledger co-founder Nicolas Bacca said that the team is exploring ways to implement alarm clock into hardware wallets to add the transaction scheduling feature.

“I see how we can collaborate with a hardware wallet to make sure your transaction is scheduled properly, I mean has been scheduled at the right time,” Bacca noted. 

Because scheduling and execution of transactions are completed with smart contracts, and the code of the smart contracts utilized by the Ethereum Alarm Clock and Chrono Logic are audited, there exists no risk of transactions failing or being sent out at the wrong time.

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