Skip to site navigation (Press enter) [Bitcoin-development] Timelock: time-release encryption incentivised by Bitcoins Peter Todd Wed, 04 Jun 2014 05:58:16 -0700 X-Body-of-Message Decided to take a break yesterday and write some code... Timelock ======== Create a secret key that can be decrypted in a known amount of time using parallel-serial hash chains. The creator can compute the timelock in parallel, taking advantage of the large amount of cheap parallelism available today, while others are forced to compute it serially, constrained by the lack of scalar performance growth. The chains are constructed such that Bitcoin addresses can be derived from them and bounties placed, incentivizing third-parties to crack the timelocks. This gives us a valuable chance to incentivize others to push the envelope of scalar performance - important knowledge if we are going to have ...