[ANN/PoC] Coldkey Cryptobond - FIRST Timelocked Physical Bitcoin

[yogg]

Coldkey Cryptobonds

I am proud to introduce to you our latest development.
Behold Cryptobonds !

(This is on an A4 sheet only for the Proof of Concept)

High Resolution : https://i.imgur.com/nwgZlfT.jpg

What are Cryptobonds ?

Cryptobonds are loaded Coldkeys with a time lock.
It means that you cannot spend the BTC that is stuck in the Coldkey before a certain predefined time.

Today, many ways and instruments exists to let you to lock your fiat away;
people end up trusting incorporated entities with their money, their life savings, their blood, sweat and tears.
I truly hope for them that this entity's name isn't the next Lehman Brothers.




How do Cryptobonds work ?

Everything has been algorithmicaly set in stones on the blockchain.
All the data on the Coldkey will allow you to retrieve your funds, when the timelock expires;
if BTC keeps on running in the future as it did during these last 10 years, as I see it.

We used a Bitcoin feature called "nLockTime" in order to bring Cryptobonds to you.

Just to state the obvious, we do not keep any private key.
Neither the one that's been used to sign the Locked Transaction, neither the one on the Coldkey.


How do I spend my Cryptobond ?

There is one big QR code holding the data of a transaction that is locked until a certain date.
Once the timelock has expired, Cryptobond owners need to scan the big QR and broadcast the transaction code on the Bitcoin network.
This is how you activate it.
(Many, many, many ways to do so exists today already.)

At that moment, the transaction will be included in the blockchain, so the Cryptobond Public Address will receive the coins.
Afterwards, you will be able to send the funds to any address of your choice by using the Private key, as with every other Physical Bitcoin.

We will publish more detailed instructions very soon.


Does it work ?

Yes indeed !
If you want, you can check the tracks of my experimentation with the Cryptobond PoC in the BTC blockchain.
For further review, I am happy to make a few Cryptobonds and send them to a handful members.

Here is the list of users I want to send a 1st Test Cryptobond to :
- krogothmanhattan
- minerjones
- Lesbian Cow
- ChiBitCTy
- Sat0shisGhost
- owlcatz
- Jcga

(I will be in touch with each of you very soon to send you one)

I think I'll use a different time/date for the different test Cryptobonds; to offer the possibility to experiment further.
They will come loaded with 0.001BTC.
You can spend the funds to any address of your choice and keep them;
but please share your 1st experience with a Coldkey Cryptobond with us all.

The test Cryptobonds timelock will be chosen in a practical manner;
however the 1st release of Cryptobonds will help you lock your funds away for a longer time.


Questions ?

Feel free to ask me anything or share any thought or remark you might have.
Thank you for reading.

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[Mitchell]

I've played around with "nLockTime" in the past and this sounds dope! These will be released on an actual card right?

[krogothmanhattan]

Amazing concept and love the idea!
Looking forward for these as well as the test one to be sent to me...thanks!

[yogg]

I've played around with "nLockTime" in the past and this sounds dope! These will be released on an actual card right?

Thank you !

Yes, absolutely Sir Mitchell !
They will come in the card format, as for the rest of the Coldkeys.

The sheet of paper was merely for my tests, I didn't even bother to cover the privkey (because I'd need to peel it to check if it works )

Looking forward for these as well as the test one to be sent to me...thanks!

Thanks Krogoth !
I am really excited to ship one to you very soon

[owlcatz]

Wow, just wow!!! Proud to be selected and can't wait! 

Thanks yogg!

[geophphreigh]

Wow. Contrats @yogg! Very excited to see new things from ColdKey. Super jealous of the lucky testers. Hopefully will give some great feedback. Looking forward to seeing the final product and picking some up! Will stayed tuned for sure.

[buckrogers]

sounds great, looking forward to them

[phishead]

Yassss. Keep it up yogg

[Lesbian Cow]

Great concept and I am happy and honored to test one.  Any loaded amount from my test Coldkey will be sent to 1Ross5Np5doy4ajF9iGXzgKaC2Q

It has long been a tradition to give savings bonds to children which mature when they turn 18 and this is a very slick way to do it without trusting a financial institution to hold the funds.  Great idea yogg.

[Mbitr]

Nice ! Well done Yogg . I will be watching and waiting on these eagerly 

[rxalts]

Amazing!! Should rename to HODLbonds, because you don't have a choice but to hodl 

[TheNewAnon135246]

Love the idea. Been wanting to make a digital version of this for a while now, but haven't had time to properly research it. This is a great way to gift BTC to newcomers and 'forcing' them to hodl.

[Hhampuz]

Awesome stuff yogg! Love me some timelocked corns of this kind (been waiting to see something come out). Will look forward to finalized product

[anonymousminer]

Really looking forward to these yogg!!

[Agrawas]

Great Idea Yogg, Can't wait to order few of these.

[LoyceV]

For further reading, Using Locktime for inheritance planning, backups or gifts is a good start. There are some possible drawbacks in this. It doesn't have to be a show stopper, but it's good to be aware of them.

[chronicsky]

that's really awesome man!

Looking forward to them

[tweetious]

Well done Yogg! Keep up the good work! 

[Corrosive]

Shit the bed Yogg! That's pretty damn cool!

[Iced]

You've killed it Yogg! This is a great concept!