On Wednesday, September 19, a team of developers launched a platform called the Open Savings Initiative. The application allows any Bitcoin Cash (BCH) and Bitcoin Core (BTC) user to save funds in a time-locked address that cannot be spent until a specific date and time has passed.
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Open Savings Initiative Allows Bitcoin Users to Lock Funds Until a Specific Time
There’s a new platform that allows people to save BCH and BTC in a time-locked address making the funds unspendable until a specific time. The Open Savings Initiative (OSI) is an open source application that uses the opcode OP_checklocktimeverify to build a custom pay-to-script-hash (P2SH) address. The coins held inside the address cannot be spent until the predetermined timestamp with the lock-time parameter is met. So essentially a user who wants to give 1,000 BCH to their son on his tenth birthday but wants to lock up the funds until he turns 21 can do so using the OSI platform.
“We just launched this open source initiative to offer anyone in the world a secure, time locked and trustless savings account,” explains the project’s creators.
We coded up this application in the hope that ALL the wallets in the Bitcoin Cash / Bitcoin Core ecosystems adopt this feature, either by leveraging our code or implementing it themselves.
Securely Locking up Funds on the Blockchain Without a Custodian
Both the BCH and BTC communities seemed to like the idea when the project’s creators announced the OSI on each forum. According to the announcement, the platform was created by Factom’s David Johnston, the Prestige IT team, Ransom Christofferson, and with
