Time lock contract

Time Lock Contract is a type of smart contract used in Velo Finance to eliminate counterparty risk. It allows you to execute time-limited trades. The recipient of the transaction must confirm the payment by generating cryptographic proof within a certain time frame for a successful transaction.

The main key features or timelock contract aims to notify the changes to the platform (fee setter, admins changes or fee configuration) before these changes are executed and re-ordered on the smart contracts. This action gives users time to form an opinion on their investment plans and is able to avoid unnecessary mistakes when the changes on smart contracts are implemented immediately.