Can I program OP_CHECKLOCKTIMEVERIFY to trigger based on external verifiable events?

3

Can OP_CHECKLOCKTIMEVERIFY and multi-sig be used to trigger a transaction based on external verifiable events?

Some potential uses I have in mind:

  • Death
  • College graduation of a child or grandchild
  • Issuance of building permits
  • Yearly net company profits exceeding a certain threshold
  • Deposit refund after verification that vacation rental property is undamaged

Nagu Dalal

Posted 2016-06-03T00:53:59.887

Reputation: 270

Answers

3

Maybe not with OP_CHECKLOCKTIMEVERIFY, as it is not possible to consume an external input with that particular operation. But you can write a third-party oracle that will release some secret (i.e. a hash) based on the set of potential use-cases you have suggested, so the beneficiary could redeem the funds promised on the fulfillments of the condition.

A contract similar to that of a Hashed-Timelock Contract (HTLC) should be useful in this situation.

renlord

Posted 2016-06-03T00:53:59.887

Reputation: 2 167

Asked: 2016-06-03T00:53:59.887

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Active: 2016-06-03T01:23:12.610