Timechain A Way To Enhance Smart Contract Technology

The two developers who are involved in the crypto revolution lately proposed a newfangled technology called “Time-chain”.

Let’s make it simple, time-chain is nothing but a chain of keys that can be utilized by anybody to encode any sort of information for a specific period of time.

This idea claims to provide authentic security enhancements for crypto space, which made it quite popular lately. Many developers have tried and have been continuously trying to use the element of time in cryptography which can help resolve many day-to-day issues.

Time With Cryptography

Every machine requires a processing time for completing actions. A complex process leads to more calculations by a machine which takes more time to complete actions. For instance, miners take about 10 minutes to mine a bitcoin and propose a block to add to the blockchain.

Maintaining The Time-chain

Time-chain has the capability to develop a process that anybody can participate in. It is same as mining and produces a chain of locked numbers.

Time-chain builds a procedure in which, just like mining, anyone can participate, and create a chain of locked numbers approximately every five minutes. The participants get a specific amount of fee as an incentive which is paid by the service users.

Problems Time-chain Can Solve

So what are the issues that time-chain can take care of? According to Matthew Roberts, who is a coder focus largely on cryptocurrency, they’re creating time-chain to resolve a particular issue with smart contracts known as transaction malleability.

Transaction malleability affects refund protocol in smart contracts, and to fix this, we have to depend on the third party to manage private keys.

Eventually time-chain deals with some security problems and also tries to resolve these issues using time-lock encryption and building a decentralized independent corporation with good incentives for those who will maintain and build these time-locked keys.

Like any other disruptive and new technology, it will also have some technical problems. There will be some drawbacks too, but it looks really promising. We will have to wait a little longer to see whether or not it comes out to be as useful as the blockchain technology itself.