The Escrow smart contract is designed to facilitate secure transactions between depositors and beneficiaries. The contract supports multiple depositors and beneficiaries, ensuring that each deposit has a designated beneficiary. The process involves depositors sending ERC20 tokens or ETH to the contract and specifying the beneficiary address, which remains concealed until the funds are released. The beneficiary can sign the release funds order off-chain, and anyone can submit it to the chain for execution. Upon submission, the funds are transferred to the specified beneficiary address. Each deposit has a unique id.

This contract aims to enhance security and organization in managing deposits and releasing of funds by verification of signature using ECDSA.

This contract is deployed using a Transparent Proxy, enabling easy addition or modification of functionalities in the future.

This smart contract contains some extra functionalities whcih are defined below:

This function can be directly called by the beneficiary on chain to release the funds.

This function can be called by the owner of the contract to sweep the ETH from the contract.

Recommendation: The owner should be the multisig or Governance address

This function can be called by the owner of the contract to sweep the ERC20 tokens from the contract.

Copy the .env.example file in a new file .env.

Install node:

nvm install v18.0.0

Then run command to use the installed node version

nvm use v18.0.0

First install the dependencies:

yarn install

To compile the smart contracts use command:

npx hardhat compile

To run test cases use command:

npx hardhat test

To deploy Escrow on hardhat local network use command:

npx hardhat run scripts/deployEscrow.ts

To deploy Escrow on testnet or mainnet use command:

npx hardhat run scripts/deployEscrow.ts --network <network name>

To deploy on network remember to save network url, api key, private key in .env file which will be exported in hardhat.config.ts file.

In conclusion, the escrow contract provides a robust mechanism for securely managing transactions between parties. By leveraging cryptographic techniques like hashing and off-chain signatures, the contract ensures the confidentiality and integrity of beneficiary addresses and release orders. With support for multiple depositors and beneficiaries, the contract offers flexibility and scalability for various use cases. Overall, the escrow contract serves as a reliable and transparent intermediary, facilitating trustful interactions in decentralized environments.