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Author Topic: [ANN] Coldkey Cryptobond - 1st Time-locked physical Bitcoin  (Read 265 times)
yogg
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February 11, 2021, 08:09:13 PM
Last edit: February 11, 2021, 08:29:48 PM by yogg
Merited by krogothmanhattan (20), Welsh (10), Heisenberg_Hunter (2), MoparMiningLLC (2), cygan (1), Mbitr (1), SatsLife (1), Est2013 (1)
 #1


Coldkey Cryptobond



Coldkey Cryptobonds are the first time-locked, non custodial, physical Bitcoins.
You and only you chose when they become spendable.

It makes a perfect instrument to plan Bitcoin savings.
Or a gift of an amount of Bitcoin to someone, that cannot be spent right away.

(More details on how they function at the bottom of this post)


Cryptobonds come in three denominations.
1mBTC :



5mBTC :



10mBTC :



(Album with high resolutions pictures for all denominations of Cryptobonds)

These prototypes become valid after the 950,000th Bitcoin Block has been mined.
It's 5,000 blocks after the block #945,000, which is half way between the 4th and 5th Bitcoin Halving.
These prototypes mature roughly halfway between the next and the following halving.  Cool




More information about how Cryptobonds work :

Like every other Coldkey, Cryptobonds bear a private key under the hologram, it's associated BTC public address is present on the front.
We achieved to time-lock Bitcoins by creating a transaction using nLockTime, an obscure feature of Bitcoin.

The transaction code is the biggest QR code, on the front.
You will need to scan it and broadcast the code to the Bitcoin network when it has matured.

The Proof of Concept has been published on Bitcointalk : https://bitcointalk.org/index.php?topic=5228739
A few test Cryptobonds were produced afterwards and sent to a handful of reputable Bitcointalk users for further testing of the concept.

Cryptobonds' locked transaction is specifically designed to be as leightweight as possible.
A single input and a single output, with a 5000 sats fee attached to the locked trasaction.
This is to make sure the transaction gets rapidly included in the blockchain when it became valid, many years from now.



About shipping :

The safety of your funds is among our top priorities.

When purchasing Cryptobonds on our website, you will be asked for a refund Bitcoin address that you control.
We will make the regular time-locked transaction for your Cryptobond;
and another one, non-time locked, which will spend the locked funds to your BTC address.

If the parcel goes missing, we will execute the 2nd transaction so you retrieve the funding directly.
This step is to ensure the safety of funds during transit exclusively; the refund transactions are to be purged timely upon proper reception.



Availibility : Soon !

Time-lock duration : Chosen by the customer.

Serialization : CRYPTOBOND-<denom>.<serial>
<denom> is either "1M", "5M" or "10M".
<serial> starts with 1 and goes up incrementally.

Price : 50 € per Coldkey Cryptobond, regardless of denomination.
Funding must be provided on top of the price, in the form of BTC.
(We will require an amount of BTC slightly higher than the denomination in order to cover the transaction and the 5000 sats fees per Cryptobond.)

Notice : It is not possible to reserve a card on the forum.
Please do not PM me in that regards.

If you have any question about our Coldkeys or a suggestion, it will be a pleasure to answer to you ! Smiley
All your feedbacks are very important for us !
Thank you for reading ! Smiley

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yogg
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February 11, 2021, 08:09:27 PM
 #2

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yogg
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February 11, 2021, 08:09:36 PM
 #3

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krogoth
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February 11, 2021, 08:44:39 PM
 #4

Beautiful Yogg. They look great Smiley

“The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts.” Satoshi Nakamoto
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February 11, 2021, 08:47:32 PM
 #5

Looks amazing!

This also reminds me, we have the first crypto bond coming up soon!

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February 11, 2021, 09:00:20 PM
 #6

Beautiful Yogg. They look great Smiley

Thanks Krog Smiley




Looks amazing!

This also reminds me, we have the first crypto bond coming up soon!

Thank you SatsLife Smiley
Yes, I will be putting something up very soon. Grin

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February 11, 2021, 09:21:00 PM
 #7

Great stuff again yogg  Smiley


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February 11, 2021, 09:21:37 PM
 #8

Shooo Yogg these coldkey bonds are good looking.

🚀IRRESISTIBLE "Crypto Collectibles" 👉 https://bitcointalk.org/index.php?board=217.0
🚀COLDKEY "Cold Storage Wallet Cards" 👉 https://bitcointalk.org/index.php?topic=5193561.0
🚀Crypto FanArt Cards - Physics Collection Cards & NFTs 👉 https://CRYPTOMANIAC.FR
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February 11, 2021, 09:25:48 PM
 #9

Great work yogg. These look beautiful!

Will be in for a couple when these become available.
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February 11, 2021, 09:38:51 PM
 #10

great work! as always your cards are quality.

Mine BTC @ kano.is
Offering escrow services https://bitcointalk.org/index.php?topic=5154480 leave me a message on Discord: https://discord.gg/7NaRKtb Telegram: @MoparMiningLLC
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February 11, 2021, 10:19:26 PM
Merited by yogg (1)
 #11

great work & awesome looking cards, congratz!

A couple of questions:

Will, there be an announcement in advance of when (date/time) those will become available for purchase? or just an announcement after it will be available on the store?

Is this a one-off release, or a planned series of cryptobond releases? will you offer subscriptions (similarly to the history series)?

If I understood this correctly, we can choose the time-lock duration, meaning we can choose a specific (desirable) future block? Are there any limitations to this?

When purchasing Cryptobonds on our website, you will be asked for a refund Bitcoin address that you control.
We will make the regular time-locked transaction for your Cryptobond;
and another one, non-time locked, which will spend the locked funds to your BTC address.

If the parcel goes missing, we will execute the 2nd transaction so you retrieve the funding directly.
This step is to ensure the safety of funds during transit exclusively; the refund transactions are to be purged timely upon proper reception.

Could you please elaborate on that? I am not quite sure if I understood this. So, you will create 2 different transactions at the same time, but you will not broadcast either of them to the network, before recipient confirmation?

Hence, you will broadcast the time-locked transaction ONLY after confirmation of successful reception of the card by the buyer? If that is the case, what will happen if the parcel gets delayed, and the buyer chooses a (short time period) block that is already mined when they receive the card?
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February 11, 2021, 11:02:55 PM
Last edit: February 11, 2021, 11:13:02 PM by yogg
 #12

Thanks a lot for your kind words everyone ! Smiley



Hey tweetious, thank you for your questions.
Here is my reply, if there are any aspects that remain unclear please let me know. Smiley

Will, there be an announcement in advance of when (date/time) those will become available for purchase? or just an announcement after it will be available on the store?

Is this a one-off release, or a planned series of cryptobond releases? will you offer subscriptions (similarly to the history series)?

This is the ANN for the general release.

Like the 2019 BTC Loaded Coldkeys, Cryptobonds will be available as a regular product in the near future.
They are serialized, as the rest of our Coldkey releases.

Cryptobonds will be available by batches, pretty much like the Buyer Funded Coldkeys.
(which have sold out and are currently unavailable until I produce a new batch)

The first Cryptobond release was a Collectible release, with predetermined maturity blocks.
This concept is innovative and fully functional, so we want to offer this feature more broadly and in a customizable manner.

I am not sure of the quantity of Cryptobonds to list as available at once.
These are custom-made items which involve the creation of very specific transactions. They aren't easy to make.
I definetely don't want someone to order 100 Cryptobonds at once as of now, so I think these are details that will be figured out along the way.

So far, when we will offer them for retail sales, we do not intent to limit the quantity produced in the long run.
I will update this thread accordingly when the Cryptobonds are available on our website.

The artwork may evolve with time, but this is not considered at that point.

As this Bitcoin feature was ported to many other Bitcoin forks, we will consider to offer this feature with different alts.



If I understood this correctly, we can choose the time-lock duration, meaning we can choose a specific (desirable) future block? Are there any limitations to this?

Yes, you will be able to chose the specific future block for the maturity of the bond.
Given the "experimental" nature of Bitcoin..
What I can say is that, if Bitcoin is working at that time like it did in the last 10+ years, then there is no limitations to this.



When purchasing Cryptobonds on our website, you will be asked for a refund Bitcoin address that you control.
We will make the regular time-locked transaction for your Cryptobond;
and another one, non-time locked, which will spend the locked funds to your BTC address.

If the parcel goes missing, we will execute the 2nd transaction so you retrieve the funding directly.
This step is to ensure the safety of funds during transit exclusively; the refund transactions are to be purged timely upon proper reception.

Could you please elaborate on that? I am not quite sure if I understood this. So you will create 2 different transactions at the same time, but you will not broadcast either of them to the network, before recipient confirmation?

Hence, you will broadcast the time-locked transaction ONLY after confirmation of successful reception of the card by the buyer? If that is the case, what will happen if the parcel gets delayed, and the buyer chooses a block that is already mined when they receive the card?

Yes. (this will be getting a bit technical)

What we do is a time-locked transaction whose beneficiary is the public address on the Coldkey.
Prior to that, we create standard UTXO's that we use in order to create these transaction.
In the end, the big QR code is a signed transaction, and we do not keep the private key that signed it.
We do not broadcast it, as it is invalid until the maturity block has been found.

If a parcel would have gone missing afterwards, we would not be able to retrieve the BTC as we do not have the private key.

This is why, we make a second transaction to your refund address, that we keep to ourselves.
We sign it with the same private key, and only then this private key is effectively deleted.

We end up with two transactions : one time-locked for the Cryptobond you ordered, which is featured on your Cryptobond.
The second is an "emergency" transaction, so if your parcel never makes it to you, there is no loss of BTC as it spends the funds to an address you control.
This automatically invalidates the locked transaction on the Cryptobond.

The "emergency" transactions are deleted with proof of receipts. (scan of a QR code on a paper in the parcel)
That is the most efficient way to get rid of the private key as soon as possible and put us out of control of funds, as we still provide a high level of safety during the transit. Smiley

If the block that the customer chose is mined while the parcel is in transit, then the locked transaction will become acceptable to miners, mined to the public address of the Coldkey, and spendable.

.

        _ŠŠŠŠŠŠŠŠŠŠŠ_
      ŠŠŠŠŠŠ―Š―ŠŠŠŠŠŠ
    ŠŠŠŠŠŠŠ―_―ŠŠŠŠŠŠŠ
  ŠŠ―Š―ŠŠŠŠŠŠŠŠŠ―Š―ŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠ――ŠŠŠŠŠŠŠŠ_
  ŠŠ―_―ŠŠŠŠŠŠŠŠŠ―_―ŠŠŠŠŠŠ―――ŠŠŠ―――ŠŠŠŠŠ―ŠŠŠŠŠ――ŠŠŠŠŠ
ŠŠŠŠŠŠŠŠ―ŠŠŠ―ŠŠŠŠŠŠŠŠŠŠŠŠŠŠ―ŠŠŠŠŠ_ŠŠŠŠŠŠŠŠŠŠŠŠ――ŠŠŠŠ_
ŠŠŠŠŠŠŠ_―ŠŠŠ―_ŠŠŠŠŠŠŠŠŠŠŠŠŠŠ――ŠŠŠŠŠŠŠŠŠŠ―ŠŠŠŠŠŠŠŠŠŠŠ―
ŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠ――Š―ŠŠŠŠ―ŠŠŠŠŠŠŠŠ―
ŠŠŠŠŠŠŠ―_ŠŠŠ_―ŠŠŠŠŠŠŠŠŠŠ――ŠŠ―ŠŠ―ŠŠŠŠŠŠŠŠŠŠŠ―――ŠŠŠ―
ŠŠŠŠŠŠŠŠ_ŠŠŠ_ŠŠŠŠŠŠŠŠŠ―ŠŠŠŠ―ŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠ―Š
  ŠŠ_―_ŠŠŠŠŠŠŠŠŠ_―_ŠŠŠŠŠ
  ŠŠ_Š_ŠŠŠŠŠŠŠŠŠ_Š_ŠŠ
    ŠŠŠŠŠŠŠ_―_ŠŠŠŠŠŠŠ
      ŠŠŠŠŠŠ_Š_ŠŠŠŠŠŠ
        ―ŠŠŠŠŠŠŠŠŠŠŠ―
COLDKEY
.
. C O L D   S T O R A G E    W A L L E T  F O R    E V E R Y O N E..
.

             _ŠŠŠŠ__   _
Š_          ŠŠŠŠŠŠŠŠŠŠ―_
ŠŠŠ        ŠŠŠŠŠŠŠŠŠŠŠ―
ŠŠŠŠŠ_     ŠŠŠŠŠŠŠŠŠŠŠ
__ŠŠŠŠŠŠ____ŠŠŠŠŠŠŠŠŠŠ
―ŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠ
  ―ŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠ
  __ŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠ
   ―ŠŠŠŠŠŠŠŠŠŠŠŠŠ―
    __ŠŠŠŠŠŠŠŠŠ―
――ŠŠŠŠŠŠŠŠŠŠ―
    ―――――
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February 11, 2021, 11:37:54 PM
 #13

I like this idea and will be purchasing when available

-Eclipse33
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February 11, 2021, 11:56:05 PM
 #14

thanks a lot for the explanation.


Yes. (this will be getting a bit technical)

What we do is a time-locked transaction whose beneficiary is the public address on the Coldkey.
Prior to that, we create standard UTXO's that we use in order to create these transaction.
In the end, the big QR code is a signed transaction, and we do not keep the private key that signed it.
We do not broadcast it, as it is invalid until the maturity block has been found.

If a parcel would have gone missing afterwards, we would not be able to retrieve the BTC as we do not have the private key.

This is why, we make a second transaction to your refund address, that we keep to ourselves.
We sign it with the same private key, and only then this private key is effectively deleted.

We end up with two transactions : one time-locked for the Cryptobond you ordered, which is featured on your Cryptobond.
The second is an "emergency" transaction, so if your parcel never makes it to you, there is no loss of BTC as it spends the funds to an address you control.
This automatically invalidates the locked transaction on the Cryptobond.

The "emergency" transactions are deleted with proof of receipts. (scan of a QR code on a paper in the parcel)
That is the most efficient way to get rid of the private key as soon as possible and put us out of control of funds, as we still provide a high level of safety during the transit. Smiley

If the block that the customer chose is mined while the parcel is in transit, then the locked transaction will become acceptable to miners, mined to the public address of the Coldkey, and spendable.

Wow! Thoughtfully conceived & well-executed!

I have to admit that seems like you put a lot of effort into it & this reflects into the end-product quality!
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February 12, 2021, 07:51:56 AM
 #15

dope!!! Cool
love this shit! Grin
will of course also be ordered again

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February 12, 2021, 11:46:34 AM
 #16

Great release! Artwork is killing it and fits perfect to the theme of Cryptobonds.
Is it possible to get every version / available denomination with the same serial? Would be cool if I could get all of them with the same serial and different blocks!

Keep up your work, yogg.
I'm pleased to see how Coldkey develops and grows over time.  Smiley


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