Launched on 19 September platform Open Savings Initiative (OSI) is an application open source that uses the operating code OP_checklocktimeverify to create a special address transactions pay-to-script-hash (P2SH).
The app allows users to store BTC and BCH on the lock at the time the address to which unlock only after a certain period of time.
Coins stored at this address can’t be spent until a preset timestamp. Simply put, a user who wants to give 1000 BCH to his son on his tenth birthday, but wants to block the funds before the son turns 21, can do it with the help of OSI platforms.
“We have developed an application in the hope that all the wallets in ecosystems BTC and BCH will implement this function using either our code, or integrating it yourself”.
Safe custody of funds in the blockchain
The developers of the platform are David Johnston (David Johnston) from Factom and Ransom Christofferson (Christofferson Ransom) team Prestige IT. Johnston calls his project “a dream come true”.
“Since I joined the bitcoin community in 2012, I see cryptocurrency as the ultimate savings account. Bills, inflation-protected and created on the basis of the principles of the free market and stable money, says Johnson — I dreamed of a cryptocurrency can provide a real alternative to centralized systems, like social security, which people could use to obtain long-term, locked at the time of income in old age.”
“….We needed a way that eliminates the temptation to spend cryptocurrency savings before the scheduled date. Thanks to the option “nlocktime” and scripts like “OP_checklocktimeverify” (…) we walked over to the safe block in the blockchain without the participation of the guardian”.
Parameters OP_checklocktimeverify and nlocktime is always present in code bases BCH and BTC, however, the application OSI simplifies their use. The model allows people to create decentralized trust funds which cannot be spent until a certain time, and eliminates the need for recourse to third parties to unlock and the allocation of these funds. Application Open Savings Initiative provides detailed step-by-step instructions for using the operating code OP_checklocktimeverify. Johnston offers users to test the platform and to report all errors stored in the project repository on Github.
On the other hand, when you create a blocked time cryptocurrency addresses, you should consider the problem of splits and forks of the blockchain. In particular, people can face challenges when trying to spend coins from blocked time in one part of the fork.