Timelock

февр. 07, 2022

If you want to keep your cryptocurrency in a safe place, then you should use the time lock smart contract, which blocks your funds until a certain date or a certain block.

Running a time-lock smart contract is simple, but it is already possible to make fatal errors, so follow the instructions below and practice on small amounts to start.

Time-lock

The instructions are designed to work with the UFO blockchain, but since it is  almost identical to Bitcoin, this guide will work with BTC as well.

Open this website (if you are interested in BTC, then use this option).

Click on wallet.

Create an account by entering your email and password (minimum 10 characters), please note that password recovery is impossible. Coinb.in is a non-custodial wallet. Keep your account information in a safe place.

In your account, click on "Keys" and copy the Public Key.

Open a second tab in the browser without closing the wallet account, we will still need it. Copy the Public Key and in a new tab go to the Time Locked Address section.

In the top line paste the previously copied Public Key, and below, type the height of block, after which your funds will be unlocked. It is also possible to set the unlock by date, pay special attention to the date format: Month/Day/Year Hour:Minute. You need to understand that the time in the blockchain is different from your current one, and the specified date will ultimately be different from the real time of unlocking. Usually it is 10-20 minutes, but at long intervals this difference can increase up to several days.

Fill all the data and click Submit:

We received an address where we can transfer funds for the timelock, and Redeem Script. We copy this information to a safe place and save it. In general, it is better to record and save all the information at each stage.

We send the coins, that you want to freeze, to the address that we received. After that, copy the Redeem Script and go to the "Transaction" section.

In the first field, you need to insert  Redeem Script, and then click Load. Here you will already see the funds in your address. They will be in the Inputs tab. These funds are already frozen.

This is all over and you can be calm for your money, of course, if you have saved all the necessary data to unlock.

Sign of transaction

It's time to unlock money. We go to the "Transaction" section, enter the saved Redeem Script and form a transaction.

To do this, enter the UFO address in the Address line, specify the transfer amount and commission. Pay special attention to the size of the commission. It should not be set too high, make sure that the commission is approximately equal to the network commission. On the example from the screen above, we indicated a large commission, but this is not critical. By specifying a commission of 1 coin, the transaction may not go through.

We entered the address, choose the amount, clicked Submit and we see this:

We get another alphanumeric combination that needs to be copied. Next, go to the "Sign" section.

In the first field, you need to enter the private key from the created wallet, where we indicated the e-mail and password. In the second field, you need to insert the alphanumeric combination from the previous screen.

By entering this information you will get another combination of numbers and letters, but this time very long.

This is already a set of data, which is enough for the final signature of the transaction.

Broadcast of transaction

In the "Broadcast" section, in the only text input field, insert the previously received character set. It's impossible to go wrong here:

Press the Submit button and see this:

If you did everything right, the result will be thix (transaction id): your funds will go to the wallet that you specified in the contract.

Conclusion
Locking of coins  is a great way to protect your funds. Well, you know how it happens, sometimes your hands itch to sell your coins, and then bang,  the price is already 10 times higher than the one for which you sold it. And this tool blocks your funds so that they cannot be used until the specified time. You can freeze coins for 1 day, for a year, for 10 years, give it to a friend for his birthday, save it to your children until their coming of age, and so on. But you should adhere to some basics to protect funds:

I. Always save all data from each stage of work in a safe place. Not in a notebook that can burn, and not on a refrigerator where everyone can see. Save the information in several places, maybe in a notepad, a password manager entry, or on a specific page of your favorite book. It is very important;

II. Train on very small amounts. If you want to freeze bitcoins, then tests, due to high commissions, will be very expensive, train on UFO.

If you encounter any difficulties or have questions, come to our school, we will definitely help.