There are always new innovations taking shape in the crypto, blockchain, and decentralized application industries. One such innovation has been recently launched in the form of Sablier, a decentralized application. The app was announced by its founder Paul Berg on Twitter on 1st June 2019 with a series of tweets.
1/ Thrilled to announce the launch of @SablierApp ⏳
It's a decentralised app for continuous payments. Up to you to decide what to use it for, but works best for paying salaries by the minute 💸
— Paul Razvan Berg (@PaulRBerg) June 1, 2019
Paul is a blockchain engineer at AZTEC Protocol as well as an Ethereum contributor. His announcement of the Sablier dApp was received well by the Ethereum community on the micro-blogging site.
To divulge more details about what the app is, how it works, and what are its utilities, the Founder also published a detailed blog post on Medium, a couple of days after the Twitter announcement. So let’s see what the dApp brings to the table.
What is the Sablier app?
Sablier is a dApp that runs on Ethereum. The app makes it possible for people to make continuous payments on Ethereum. For instance, one can use Sablier to make payments to their employees continuously. For that, all one needs to do is make a 1-off deposit and set a rate at which one wants to allocate funds to the employees. The contract then allocates the funds accordingly.
The app is about offering optionality and insurance. According to the post, Sablier is helpful in cases of personal urgencies or meeting daily needs such as paying for rent, food, etc. especially when the employee is new to the city and doesn’t have a savings bank account.
What is ‘Continuous’ payment though?
The application’s first version allows you to set a time interval from a pre-defined list. The list has options of duration including daily, hourly, quarter-hourly, as well as minutely intervals. However, setting a custom interval or a fixed one is possible as well.
For measuring time, the app utilizes the block-time average. Those who are aware already know that blocks on the Ethereum platform are distributed once in every ~15 seconds. That means one minute can be considered equal to 4 blocks.
Interestingly enough, the Sablier app even allows the payer the option to cancel the payment. The person who is paying can cancel the payment at any given time before the stream ends. In fact, if the stream has not even begun, then the payer is eligible to get back all their funds.
Apart from that, Sablier is made up of trustless smart contracts that are deployed on the Ethereum Mainnet. That makes the app all the more secure. Moreover, smart contracts have also been audited by MythX, which is a well-known platform for analyzing the security of Ethereum smart contracts.
The use cases
According to the founder, their use-case agenda presently focuses on the payroll as there is a huge potential when it comes to using crypto for paying salaries. With Sablier, the companies would have a platform they can use to pay their employees in terms of crypto, while employees will have another option to receive their payments other than the traditional money.
Other than that, the app can also be useful for a number of applications like freelancing, consultancies such as doctors and lawyers, car parking, renting, and subscription setups. As Paul says, it is at the end up to the user to decide the usage of the product.