Like Vod, I'm also really interested in seeing you implement an option to timelock cryptocurrency.
It would be a real shame if you didn't add it, while having a name like that for your wallet.
Plus, it would be great if timelocks become easy to perform from within a wallet.
Though you might want to disable the function by default, since it would be pretty bad if someone did it by accident.
HODL My Coins (Timelock)
This feature will of course be optional, clearly distinguished in the wallet, and the user will be informed on how it works.
Locking the funds will be based on using two passwords with HODLER Secure Backup or Encrypted QR Backup. The first password is the one chosen by the user while setting up a wallet, known only to him. The second password is generated automatically by an Open Source algorithm, unknown to the user and saved in the database. HODLER Wallet will create a special account, and the database will also contain a date on which the second password will be revealed to the user (via email and a popup in the application). This will mark the end of the period in which the user wished the selected funds to be locked.
Security:
1. If a hostile party finds out the second password, it does not endanger the funds, since without knowing the first password the attacker cannot access the wallet.
2. Similarly, if the attacker finds out the first password, the backup is still secured with the second one and funds cannot be accessed.
3. The second password won't be overly complicated, and it will be possible to break it with a brute force attack (using zip passwords cracking software) lasting several days. This will give the user a way to access his funds even in a situation where the password sent through email gets accidentally deleted. It will also allow the user to gain access to the funds in case he changes his mind about how long he should hodl for. After cracking the second password the user will also be able to use the archive to export private keys in case the wallet gets lost.
So far this is the preparatory concept, as simple as it can be. The users who use our original HODLER Secure Backup feature will also be able to easily use HODLER Secure Backup Timelock.
We're interested in learning what you think about it.