Crypto: "Time lock transactions"
This morning while we were having a meeting with DavinciJ15 about our multi-cryptocurrency wallet; looking on improving many things and adding features. He mentioned Time Lock Transactions and how we should have this incorporated on our virtual wallet.
So, what are these time locked transactions?
“When we time lock coins, we set a target for their release. Absolute locks define this target in terms of a set time. They pick an exact moment when the lock expires.”
“Transactions that are locked to an absolute time are invalid until that time has passed. This means that I can make a transaction years in advance, sign it, share it, and even post it publicly with a guarantee that it won’t be confirmed before its lock expires.”
As soon as I began reading more about time lock transactions I immediately thought this would be great for people who join crypto as an investment method; you can lock your crypto for as long as you want. I believe most of the time people who invest in crypto get lost in the frenzy of the moment and may end up selling everything because the market is deflating and people instead sell everything rather than losing everything. Having a feature like time lock on transactions allows users to set a time that they believe is sufficient to lock down a certain amount of crypto and not be able to access it before that specific time. The temptation of selling or buying may still be there, but now you can restrict yourself. You can be like Davinci´s friend who bought bitcoin and put a 30-year time lock on his crypto.
If locking your crypto for an extended period is not your thing you can do little things like sending crypto for a birthday. Paying for a service in advance and set a date for its release.
I tried looking online about these types of transactions, and I did not find much information like other subjects regarding cryptocurrency. I asked a coworker that works in Pandora´s Wallet development team, where I can look at the time setting feature on wallets because the ones I’ve seen haven’t given me this option while doing transactions. No surprise, like many things in cryptocurrency yes you can set a time locked transaction, but you would have to know more than an average person doing a transaction in a virtual wallet. Not everyone knows about these time locked transactions nor know how to do one.
I believe it would be great to have this feature available in an easy to do way for users. There are so many things that you can do with cryptocurrency at times I feel it's endless and it really is; there is always something new out there. Our team at Davinci Codes is working on Pandora´s Wallet, improving, solving bugs and looking at new future integrations within the wallet.
Hope you enjoyed it!