Thanks a lot for your kind words everyone !
Hey tweetious, thank you for your questions.
Here is my reply, if there are any aspects that remain unclear please let me know.
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.
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.
