Post
Topic
Board Development & Technical Discussion
Merits 1 from 1 user
Re: The dead man’s time lock
by
nc50lc
on 20/03/2025, 03:16:52 UTC
⭐ Merited by ABCbits (1)
The intention is to keep the beneficiary unaware for security purposes.
In that case, you don't have any choice but to rely on a third-party.

Firstly, a timelocked transaction isn't something that can be broadcasted now, then executed later. It'll be rejected by nodes if the locktime hasn't passed yet.
Its use-case is: it has to be given to the beneficiary or a third-party that will broadcast it at the specified time/block height.

Secondly, a timelocked output script like the examples will not be spent automatically, it has to be spent by the beneficiary himself or a third-party to send the bitcoins to the beneficiary's wallet.

Lastly, given that it has to be kept secret to the beneficiary, the third-party has to keep the necessary information to broadcast or spend your bitcoins instead.