Post
Topic
Board Bitcoin Discussion
Solution to lost wallets
by
xTz
on 04/06/2018, 20:41:17 UTC
This is not a proposal of forking network!
By timestamping first wallet transaction with real time date/hour/seconds into ledger history, bitcoin core software nodes can make an agreement that if, for example:
during the next 2 years the wallet's public address that was timestamped do not output any Tx, bitcoin nodes take those funds and place them into next block header.
If a public address will make a new output tx with any amount of tokens will be re-stamped with date that was realized the last tx.
If the public address won't put a minimum of 1 transaction in 2 years, those funds from public address will be moved into next block of transactions.
I know it sounds easy. But to translate into coding, it is very hard to accomplish.
In bitcoin is harder to be implemented due to multi-sig public keys .
I cannot see another solution to this problem, which can become very important in far future.
I would call this process (Proof of owner's wallet)
P.S Timestamp can be from 2 years up to 200 years, 2 years is as an example