Term Facet
A brief description of the Term facet
Facet description
This facet is responsible for managing the terms of participation in the Takaturn scheme, allowing owners to create, start, and expire terms. Participants can join a term before it commences, ensuring a seamless and organized process.
Key features
Term Creation: The Term Facet empowers contract owners to create new terms within the scheme. These terms define the duration and conditions of participation, such as the number of participants, contribution amounts, and payout cycles.
Term Start and Expiry: Owners can initiate a term, marking the beginning of the savings and payout cycle. Additionally, the facet allows for the expiration of terms when the registration period has expired and not enough people have joined.
Participant Enrollment: Users can join a term before it officially begins, securing their place in the savings scheme. This functionality includes depositing collateral into the smart contract for security.
Use cases
Term Management: The Term Facet streamlines the management of cooperative loan terms, ensuring that each term's parameters are defined and enforced efficiently through a term ID.
Participant Organization: Participants benefit from the ability to enroll in a term ahead of its start date, securing a position in the upcoming term.
Flexibility: This facet accommodates various term configurations, enabling customization based on the needs and preferences of participants.
Function signatures
You can find the function signatures of this facet below.
Term Facet FunctionsLast updated