Time Locked Address Tutorial

General
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Important Links:

Cointoolkit: https://peercoin.github.io/cointoolkit/
Testnet Explorer: https://chainz.cryptoid.info/ppc-test/
Peercoin Testnet Faucet: https://peercoinexplorer.net/faucet/
OP_CHECKLOCKTIMEVERIFY RFC: https://github.com/bitcoin/bips/blob/master/bip-0065.mediawiki

Creating a Time Locked Address: A Step by Step Guide:

  1. Open https://peercoin.github.io/cointoolkit/#newTimeLocked. Make sure you are on the correct mode ie. “Peercoin (testnet)” in my case.
  2. Enter the public key of the wallet (Address A) you will be sending coins from.
  3. Enter either the target “Date and Time” or the “Blockheight” that the transaction will be unlocked at.
  4. Click “Submit” to receive the redemption script and the handy shareable link that shows you the Hodl Address (Address B), the required signature, and the unlock time where the transaction will be spendable again. My redemption script looks like the one below: https://peercoin.github.io/cointoolkit/?verify=0305bd06b1752103008cc7fb5d33651d52c8dd819c8e02ef1e8324fe39b5c9f7bfb659df963d90d1ac#verify
  5. Send the coins from Address A to Address B (the Hodl Address).

Generating a Transaction

  1. Go to https://peercoin.github.io/cointoolkit/#newTransaction
  2. Input Address A and load the transaction inputs.
  3. Put the Hodl Address in the Address field with the number of coins that you want to send from Address A.
  4. Make sure the transaction fee is correct and click “Continue to Verify”
  5. Click “Continue to Sign”
  6. Enter the private key for Address A and click “Sign”.
  7. Make sure that the “Signed?” field indicates that the transaction has now been signed. Click “broadcast” to send the transaction to the network.

Redeeming a Time Locked Address Script

  1. Go to https://peercoin.github.io/cointoolkit/#newTransaction
  2. Verify that the target blockheight or target date has passed so that the transaction is spendable.
  3. Input the Time Locked Address redemption script. In our case it was “0305bd06b1752103008cc7fb5d33651d52c8dd819c8e02ef1e8324fe39b5c9f7bfb659df963d90d1ac” and load the transaction inputs.
  4. Enter the address you would like to redeem the coins to Address C. Make sure the transaction fee is correct.
  5. Click “Continue to Verify”.
  6. Click “Continue to Sign”.
    Enter the private key for Address A and click “Sign”.
  7. Make sure that the “Signed?” field indicates that the transaction has now been signed. Click “broadcast” to send the transaction to the network.
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