Managing Secrets with the Bitcoin Blockchain

[omarabid]

I'd like to open a discussion on the following scenario. Please note that these scenarios might be possible with the current OP_CODES but no one figured out how. They might be also possible with new non-proposed yet OP_CODES which will be part of the discussion too.

Here are the possibilities I'm looking for:

  - Release secret Phrase if payment is made.

  - Release secret Phrase if no payment is made.

  - Destroy secret if Payment is made.

  - Destroy secret if no Payment is made.

Please note that these scenarios have Time-Lock abilities. For example, you can destroy a secret if payment is made, or at block height xxx.xxx

= What's a secret? It should be a short phrase, hash or an encryption key. The secret should not be available to the public (Encrypted) until one of the first two conditions is satisfied.

Anyone thoughts?

[amaclin]

- Release secret Phrase if payment is made.

a) Should it be released for everyone or just for a person who payed?
b) Should it be released with bitcoin/blockchain technology only? Or can the secret be published on web site or sent via sms?

[ArcCsch]

This doesn't seem plausible. It is a transparent environment, if something is public, you can't destroy it or not reveal it. If it is not public, the person who has it can refuse to publish it. I don't see how this can work.