Imagine a child is born and you want to give 1 BTC which can only be spend in 18 year.
I imagine a trustless web service that helps to HODL. The process would be similar to creating a payment channel. So this project would help to grasp a better understanding of the protocol.
The process would look probably like this:
- Hodler accesses the service and provides the address from which he wants to transfer BTC to hodle and the duration how long the BTC must be hodled before they can be spent
- Service creates an new public / private key pair and generates a multi sig wallet with those two addresse and returns the address to the hodler
- the hodler uses his wallet to create a tx of his funds to the multisig adress but does not broadcast it. (the funding tx)
- the hodler decides how much comission he want to pay to the hodler service and fils out a form including (a the id of the funding tx, the comission and the timelock, the address of the receipient)
- the hodl service creates a spend of the funding tx sending everything but the comission to the new address of the receipient. the spend also includes the timelock. the comission will be spend as a different output (possible without timelock)
- the hodl service will send back the spend tx.
- upon receiving the tx the hodler will add his signatur, check if everything is correct and broadcast both tx.
Result: the btc have been send to the multisig wallet and then to the timelocked wallet.