Time Locked Trust

What is the Time Locked Trust

The BiblePay Time locked trust is a specific type of Wallet Address with a Maturity Date built into it, and when funds are sent to it, they may not be spent until after the maturity date. Common use for this is gifting a child college fund for example. The child would not be able to spend the funds until the maturity date. Note that even the creator of the wallet address cannot spend the funds once funded until after the date passes.

How do I create one?

From windows, install this program: https://github.com/biblepay/BiblePayTrustGenerator/releases

Launch the program. Choose mainnet or testnet. Choose a good trust maturity date. Then click generate trust. Note that it takes some time (approx 1-5 mins on a fast machine) to create a trust. This is because the program has to go through intensive computations to create the trust address (similar to mining). The program encodes your trust maturity date into the wallet address.

Once the program is finished generating, you may click Save Trust.

How do I Fund the trust?

Once you have the trust file saved to your hard drive, copy the public key to the clipboard. You may send funds to this address. The address works like any other address, except that funds cannot be spent until after the maturity date.

How do I spend the trust once matured ?

To spend the trust, simply take the private key and copy it to the clipboard. Launch biblepay-qt, go to the rpc console and type:

importprivkey private_key

Then the program will add the keypair to your wallet (and you will see the public key in your address book). I recommend editing this address book entry with something human readable, for example "TLT-MM-YYYY" where the month and year coincide with the TLT maturity date. This way when you can identify it when you need to spend it. To spend the funds after the maturity date, navigate to Coin Control and right click on the amount and click UNLOCK. Then you may spend them.

Note that after the TLT maturity date, the TLT wallet works like any other wallet.

Is this a custodial or non-custodial service?

This is a non-custodial service. You maintain control of your private keys throughout the whole process. When the TLT wallet is created, it is created on your personal machine and we do not have a copy of the key. When you import the private key, you import into biblepaycore at your personal discretion and we never have access to your key.