Editing Timechain (section)

== Redeeming funds from the timechain DAC ==

After winning the race to generate a new time-lock encrypted AES key and gaining access to an ECDSA private key with funds inside it - you want to spend them as early as possible. This can be accomplished with a standard Bitcoin transaction type called a “[https://en.bitcoin.it/wiki/Transaction#Pay-to-PubkeyHash pay to public key hash]”.

P2PKH was invented as a way to have shorter Bitcoin addresses and to conceal the owner of a public key in the event that a flaw was found in ECDSA but for our purposes it allows us to create complex contracts that tie directly into the timechain.

The Bitcoin transaction Script to fund a P2PKH transaction looks like this:

<pre>OP_DUP, OP_HASH160, ripemd160(sha256(ecdsa_public key))</pre>
… which is the same public key hash generated previously. To redeem the transaction simply provide the original public key and a valid signature.<span id="solving-complex-trust-problems-with-the-timechain"></span>