Author: Matthew Roberts 2015-06-13 07:16:52
Published on: 2015-06-13T07:16:52+00:00
The idea of using time-locked encryption, a serial chain of time-lock encrypted GPG keys at N minute intervals to encrypt ECDSA keys, is proposed in order to create multi-signature contract schemes. By generating the keys in parallel and stitching them together into a chain of keys at five minute intervals, the structure can be used for refunds in smart contracts instead of nTimeLocked TXs. The timechain could also be used to build unbreakable DACs, which would pay its participants to decrypt itself, incentivizing the decryption process through paying a small portion of their fees "into" the ECDSA keys. Using the public key for the fee ECDSA key as the IV used to generate the next key on the chain would force participants to reveal their solutions to the decryption of the timechain.However, it should be noted that the integrity of a timechain cannot be known beforehand. Despite this, using time-locked encryption in this manner would allow companies to create entirely secure and reliable systems that could not be hacked without requiring third-parties to manage key-pairs on their web servers. Collateral could even be used as a way to incentivize the reliable construction of the timechain.
Updated on: 2023-06-09T23:01:39.696884+00:00