Contracts: Will this be possible?

4

I would like to know if this will be possible with Bitcoin:

Create a key with the following features:

  1. Only be able to spend btc if a % of pre-definied keys allow it
  2. The own of the key need for example 80% acceptance from pre-definied keys to be able to spend btc (same process to each transaction)
  3. If 80% is not reached, nothing happens
  4. Specify a time to people (pre-definied keys) vote agree or deny

Leo

Posted 2011-11-14T03:42:50.220

Reputation: 291

2It's certainly possible. But currently, you'll have to do all the work yourself to sign/release the transaction if, and only if, your particular contract requirements are met. The Bitcoin client/network won't help you ... yet! – David Schwartz – 2011-11-14T08:34:51.993

Answers

3

The protocol already supports transactions where x out of y keys need to agree in order to spend the coins.

The protocol will never support transactions that change/expire automatically after some period of time, as this causes problems.

theymos

Posted 2011-11-14T03:42:50.220

Reputation: 8 228

Problems? Got a reference for that? – ripper234 – 2011-11-14T11:09:06.590

2

It's not allowed for transactions to become invalid due to scripts/conditions. They can become valid, but never invalid. See https://bitcointalk.org/index.php?topic=1786.msg22119#msg22119

– theymos – 2011-11-14T12:05:42.943

Asked: 2011-11-14T03:42:50.220

Viewed: 218 times

Active: 2011-11-14T08:05:42.843