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Monero Wallet Locking Mechanism

Private posted this 10 years ago

Private | 10 years ago

I was looking at https://bitcointalk.org/index.php?topic=800660.0, which the OP proposes a "time lock command for addresses"

So I began wondering, what if that was applied to the actual wallets themselves(instead of the addresses) for Monero, since after reading the comments about the subject in that bitcoin thread, it seems the idea the OP posted about locking the bitcoin addresses themselves would never work.

There would be 2 different types of wallets, the normal one, and the "safety" one. Where the safety wallet has a locking mechanism on it, so if you wanted to lock it for say 30 days, it would be locked for that period of time and unable to open(which also prevents it from getting hacked etc). There would also be emergency unlocking ways, in case you need the coins immediately.

Just a small thought, but could be pretty useful in helping making banks obsolete altogether.

Replies: 1
fluffypony edited 9 years ago Weight: -866 | Link [ - ]

Well, if your private keys are leaked / cracked then no amount of locking will help. On the other hand, since this sort of locking would be client-side only (ie. the blockchain can't and won't enforce it) an attacker can just change the system date to a month in advance and voila.

Perhaps a better solution would be for us to write a little function that uses the nlocktime equivalent in Monero to send the funds back to yourself, but this is "dangerous" in that the funds are not recoverable even in an emergency. They are well and truly out of reach.