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FAQ

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What is Selfient?

Selfient is a revolutionary Web3 contract creation protocol that transforms business contracts into immutable and enforceable smart contracts without having to perform the complex coding required by native Solidity.
The resulting smart contracts ensure prompt and secure payments using crypto wallets while minimizing the risk of fraud.
The users of this DeFi software actually move their own funds by interacting with the smart contract they created and approved.

How do I get started with Selfient?

Launch the App:  

Click "Launch App" on our website.

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Sign in:  

Use your Web3 wallet to sign in. —Selfient currently supports MetaMask, Rainbow, and Coinbase.

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Create Contracts:  

Click "New Agreements" to start creating new contracts.

How does it work?

Work through your agreement terms with the other contracting party, launch our app, connect your wallet, and memorialize the terms and conditions of the deal online. Once you and the other party have reviewed the terms, approved of them, and provided electronic signature, the deal becomes live.
Once the deal is live the contract funds are securely stored on-chain in Ethereum via the decentralized escrow contract.
These escrow funds can be moved only once the terms/ timeline of the smart contract have been reached.

Where is the money stored?

The funds for each deal are locked into each smart contract agreement which acts as a decentralized escrow with zero intermediary involvement. This allows you to rest easy knowing that your funds are safe and only sent once the terms or timeline of the deal is completed.

What is the difference between a regular smart contract and an escrow smart contract?

A regular smart contract is a self-executing program that runs on a blockchain and can be used to automate the exchange of assets or information between contract parties. An escrow smart contract is a type of smart contract that acts as a neutral third party to hold funds or assets until certain conditions are met. The main difference between the two is that an escrow smart contract is designed to hold funds until certain conditions are met, while a regular smart contract is designed to execute a set of instructions automatically.

What are the costs associated with using Selfient?

A 5% fee is applied to all Selfient smart contracts at time of contract execution.

Who pays the fee?

The buyer/paying party is responsible for the 5 % transaction fee, ensuring that the receiving party in the arrangement retains 100% of their agreed-upon funds, without any deductions for platform fees.

What about other gas fees?

There are additional fees associated with writing the contract on chain on the Polygon network. The current market rate for this is a few cents up to a few dollars USD, depending on the network traffic at the time of the transaction. This is added at the time of the contract creation. Anytime a contract is evoked for activities such as the creation of the contract, withdrawing of funds, or contract termination, there are gas fees imposed on the network.

Is Selfient Secure?

Selfient smart contracts have undergone a rigorous audit by the Web3 auditing firm, Hashlock.

Are there extra security measures suggested by Selfient?

For larger projects, or anytime where multiple steps in a contract arrangement are warranted, Selfient suggests initiating a milestone agreement via our SEA Wizard. This option affords additional controls over the sequence and release of funds compared to a one-time agreement, which relies on a term-based release mechanism. This approach can enhance security and ensure smoother project execution.

What chain is utilized by Selfient for the contract?

Selfient chose Polygon for its reliability, security, market share, and performance, and for the lower costs of transactions as contrasted with the Ethereum Mainnet, especially during periods of high network uses.
The gas fees associated with Ethereum are calculated in ETH, while for Polygon, the fees are calculated in MATIC.
Polygon is a sidechain, scaling solution that uses a network of side chains to offload transactions for the Ethereum chain, allowing faster transaction speeds.
Polygon is fully compatible with the Ethereum Virtual Machine (EVM) meaning developers can use the same tools and languages to build on Polygon as they would Ethereum.
Ethereum has recently joined Polygon on a Proof of Stake algorithm consensus, which reduces network energy consumption and cost.
Polygon uses the Ethereum security layer to enhance its own security.
Polygon processes transactions on a separate Ethereum compatible blockchain, and then returns transactions to the main Ethereum blockchain post processing. This lowers the network load on Ethereum.

What currencies can I use for payments on Selfient?

Currently, we process USDC and wETH for contract payments. Our roadmap includes plans to expand the range of accepted currencies.

What crypto wallets are compatible with Selfient?

Currently, Selfient supports MetaMask, Rainbow, and Coinbase.

Is Selfient only for the Web3 industry?

No, Selfient is designed to serve anyone interested in conducting business deals or transactions involving cryptocurrencies. What sets Selfient apart is its automated payment capabilities, reduced risk of potential fraud, elimination of intermediaries, and decentralized escrow system. Thus, it can be utilized for a wide range of business agreements and transactions, ensuring you receive payment promptly upon project completion or agreement fulfillment.

Is Selfient accepting partnership inquiries?

Yes, please feel free to reach out by completing the following form:
https://tally.so/r/3j6v2Y

What happens if a dispute arises between the selling party and a buyer?

At our initial launch, dispute resolution will be the responsibility of the parties involved in the deal. We will not be actively involved in overseeing agreements during our initial launch. To mitigate potential risks, we recommend starting with smaller deals or dividing the deliverables into milestone-based contract agreements.

Is there a cap on the total size of a deal I can undertake?

Yes, during our initial rollout, we will not permit deals exceeding $5,000 USD to be conducted on the platform.

How has Selfient reduced Gas costs associated with the blockchain?

All of our contracts have also been optimized to reduce gas fees on-chain so you pay less to interact with our contracts.
We are powered by the Polygon network which provides exponentially lower gas fees compared to Ethereum.

How does the Contract Management Dashboard work?

Selfient displays contract details in an intuitive dashboard.
The dashboard is easy to monitor, edit, and track contracts, payments, and terms.
Selfient supports contract access in various stati: in progress, in draft, pending action, and completed.
The dashboard allows the convenient initialization of fund claims or requests directly from the dashboard.

In what programming language are the Selfient smart contracts written, and why is it significant?

Solidity-Powered Contracts:

Our smart contracts are written in Solidity, guaranteeing their reliability.

How can I refine my contracts before deploying them on-chain?

Pre-Publish Iteration:

Refine your contracts offline until they're ready for on-chain deployment.

What is the guarantee of contract immutability, and why is it crucial for trust and security?

Immutable Assurance:

Once published, your contract terms remain unchanged, ensuring trust and security.

How do your payment mechanisms work, and how do they eliminate the need for intermediaries?

Direct Wallet Payments:

Seamlessly receive payments directly to your wallet, eliminating intermediaries.

What contract types do you offer?

We offer 3 different contract types depending on the type of business transaction you wish to pursue:

Linear Contract Agreement - This contract type entails specific timeframes and mutually agreed-upon total costs. If you are the party receiving payment, you have the option to claim your payments in real-time, with the ability to do so as frequently as every 12 seconds, or you can choose to wait until the end of the agreement to receive the full payment.
Examples: Discord moderation, salary based employment, etc.
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One-Time Contract Agreement - Smart Contract Payment for single tasks or projects. Funds are released as soon as deliverables or timeframe are met.
Examples: Website design & development, mobile app development work, content writing, marketing campaigns, etc.
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Milestone Contract Agreement - Smart Contract Agreement for more complex projects that require multiple checkpoints and frequent deliverables.
Examples: Website design & development, mobile app development work, content writing, marketing campaigns, etc.

What steps do I take to create an agreement?

1. Connect Your Wallet and Sign In:  

To create a contract, you need to sign in with your Web3 wallet. Simply click on "Connect Wallet" on the homepage and sign in.

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2. Create “New Agreement”

To create a contract, click on "New Agreement" in the left-hand sidebar of the screen. Once you are there, you can start filling in the details of the agreement (Project Information) including the parties involved in the contract (and their wallet address). Once this is complete, fund the contract if you are the Buyer, and Sign/ finalize the agreement.

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3. Sign & Send the Contract To the Other Party to Accept:  

Share a contract link with the party responsible for accepting and signing it, whether it's the buyer or the seller. After they've completed this step, the contract is set in motion.

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4. SEA Activated 

Once the contract is accepted and signed by both parties it is placed on the Polygon chain where the terms of the agreement and contract type dictate the rules of the release of funds. The Hirer will be responsible for covering the gas fee required to deploy the contract on the chain and must also possess Matic (Polygon), along with the agreed-upon currency type (either USDC or wETH).

What features does Selfient offer?

No-Code Smart Contracts:  

Coding skills are not required to transform your business contracts into smart contracts on Selfient. The coding work is done behind the scenes when using the Selfient SEA Wizard making Selfient a great Smart Contract vehicle for developers and non developers alike.

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Decentralized Escrow:

We ensure trust with decentralized escrow smart contract services, holding funds securely until the conditions of the deal are met.

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Real-Time Payments:

Payments are released immediately upon meeting contract milestones, or through our linear agreements, which allow project funds to be claimed by the seller as soon as the project begins, and as frequently as every 12 seconds if they wish.

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Contract Management Dashboard:

Keep track of all contracts and pending actions in one place.

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Transparency and Efficiency:

Blockchain technology ensures transparent and tamper-proof records, reducing disputes and saving costs.

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Elimination of Intermediaries:

Say goodbye to middlemen, streamlining your transactions and making them more secure.

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With Selfient, you're in control, simplifying the way you make deals and payments in the digital world.

What is a DeFi company?

A Decentralized Finance or DeFi company is one that transacts using cryptocurrency and blockchain technologies to manage financial transactions.

A DeFi application enables peer to peer transactions so the need for intermediaries such as banks, is eliminated.

What type of crypto do I need to own in order to use Selfient?

For the Hiring/ Talent Party:

You will need Matic (Polygon) to interact with the contract and perform certain actions such as claiming payments or creating the contract agreement.

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For the Hiring Party:

You will need either USDC or wETH (this is dependent on which currency type the other party wishes to transact in).

Where can I purchase Polygon (Matic), USDC, or Ethereum?

You can purchase these currencies from a number of different exchanges or directly from your crypto wallet:

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Popular Centralized Exchanges (CEX’s):
• Moonpay (USDC, Ethereum, and Matic)
• Coinbase (USDC, Ethereum, and Matic)
• Binance (Ethereum and Matic)
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Popular Decentralized Exchanges (DEX’s) - integrated with Moonpay:
• UniSwap (USDC, Ethereum, and Matic)
• Pancake Swap (USDC & Ethereum)
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Directly From your Wallet:
• MetaMask (Ethereum)