The Timechain: Improving Smart Contract Technology Using Time-Locks

Matthew Roberts and Elías Snær Einarsson, two developers who have been active in the crypto space, recently proposed and published a new technology known as timechain.

Simply put, the timechain is a chain of keys that can be used by anyone to encrypt any information for a certain period of time. It introduces proper incentives for the people who create and maintain the chain, hence the system is considered a decentralized autonomous company (DAC).

The idea received quite some attention, as it claims to offer genuine security improvements for the crypto space. A lot of people have made attempts to use the element of time in cryptography, as it can solve many daily problems. Think of a trustless auction where people’s bids are revealed after a specific amount of time without relying on any third party.

But how can we tie cryptography, the science of secrets, with time?

Cryptography and Time

Machines, despite being fast compared to humans, require a processing time for completing actions. A more complicated process results in more computations by a machine, which obviously requires more time to be completed. One good example can be bitcoin mining, which requires roughly 10 minutes

Read more ... source: Cointelegraph