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App Helps Users Start Their Own Custodian-free Bitcoin Trust

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A team of developers recently launched the Open Savings Initiative (OSI). The app will allow users of BCH and BTC to have their valuable funds stored in a time-locked address.

These funds will not be available for spending until a predetermined date and time have passed.

The OSI Helps Users Lock Funds

The OSI is an open source app. It uses the opcode OP_checklocktimeverify and constructs a custom P2SH (pay-to-script-hash) address.

The app allows a user to gift, say 1 BTC to their son on his eleventh birthday. A condition that the funds remain locked until he turns 18 could apply. The OSI platform allows transactions like these to be done effortlessly.

Custodian-free Trust

The creators of the project said:

“We just launched this open source initiative to offer anyone in the world a secure, time locked and trustless savings account.”

They continued, “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.”

The BTC and BCH communities both liked the concept of OSI when it was announced.

According to the announcement, David Johnston of Factom, Ransom Christofferson, and the Prestige IT Team created the platform with Yeoman’s Capital’s guidance.

Johnston added, “Ever since I joined the bitcoin community in 2012 I’ve seen crypto as the ultimate savings account. One protected from inflation and built on free market & sound money principals.”

He said, “I dreamed of crypto providing a real alternative to centralized systems such as social security which many rely on for longterm, time-locked income, in old age.”

Johnston also said:

“However before that could happen we needed a way to remove the temptation to spend the crypto funds before a future date.

The concept will allow users to create a completely decentralized trust fund. One, that is inaccessible until a predetermined time.

Additionally, the OSI platform provides a step-by-step procedure which allows users to benefit from the platform.

 

 

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