Editing Timechain (section)

= Conclusion =

In this article we have described a system for solving the transaction malleability problem in smart contract protocols by introducing the timechain.

The timechain is a new deterministic data structure that uses a chain of time-lock encrypted RSA public keys at 5 minute intervals whose publication is incentivised through the use of hash-locked financial rewards.

Financial rewards are claimed by breaking links in the chain which must be done as early as possible or risk losing the reward. When financial rewards are claimed, the RSA private key is released automatically allowing anyone to decrypt time-locked information using that key.

The resulting process forms a decentralized autonomous corporation (DAC) that rewards participants for providing a reliable time-lock service and can be “hired” by smart contracts to provide a secure refund system without having to rely on malleable refunds transactions or a third-party service.

Finally, the timechain also makes it possible to improve the security of a number of services that handle cryptocurrencies including wallets, escrow agents, and currency exchanges by removing the need for centralization of ECDSA private keys.<span id="frequently-asked-questions-answers"></span>