Approvals
Last updated
Last updated
Approvals are mechanisms through which a trustBounty can assign some of its balance to another one.
Suppose you have user A and user B with trustBounties with 1 million USD and 10,000 USD locked up in them respectively.
If user B were looking for a loan but needs a bounty of 100,000 USD, he/she can ask for user A for an approval of 90,000 USD.
If user A were to accept and approve user B's trustBounty for a balance of 90,000 USD, user B's trustBounty's new balance would amount to 100,000 USD and he/she will be able to proceed with the loan.
Approvals can specify expiry dates which can be much sooner than the expiry date of the trustBounty they are approving.
Approvals are dangerous since if the trustBounty being approved were to be attacked and lose the vote, some of the funds approved may be claimed.
Here is a step-by-step guide to approving a trustBounty:
Go to the TrustBounties' page and find the trustBounty you are trying to approve
Go to its control panel menu and click on the Add Approval button
Validate and confirm the transaction
Congratulations! You have successfully added part of your trustBounty's balance to the trustBounty selected above. That added balance will be removed and added back to your trustBounty after the approval expiry date.
