Bitcoin (BTC) & Bitcoin Cash (BCH) New Open Savings Initiative Network for Lockable Bitcoin Trust App is Here
Bitcoin & Bitcoin Cash Savings Now Lockable via the Open Savings Initiative Network with no 3rd Parties Involved
The developers within the cryptocurrency are at it again with new features. As of September 19th, it is possible to save your Bitcoin (BTC) or Bitcoin Cash (BCH) and lock them for a specific time period. This is through the Open Savings Initiative was launched for this purpose.
The Open Savings Initiative Architecture
This new network gives cryptocurrency users HODLing BCH and BTC the perfect opportunity to refrain from spending their crypto savings unnecessarily. Its protocol, an open source, has implemented the checklocktimeverify opcode OP to design the P2SH consensus (pay-to-script-hash) for network operations. What this simply means is that the platform is built to facilitate the holding of crypto coins until the set time period for expiry is achieved. Crypto enthusiasts who would want to capitalize this technology can save their digital assets for over ten years and acquire them at maturity.
According to the Open Savings Initiative team, their purpose and vision are in line with the following,
“We just launched this open source initiative to offer anyone in the world a secure, time locked and trustless savings account.
We coded up this application in the hope that ALL the wallets in the Bitcoin Cash / Bitcoin Core ecosystems adopt this feature, either by leveraging our code or implementing it themselves.”
OSI Blockchain BTC & BCH Secure Locking
Bitcoin & Bitcoin Cash have taken this project positively since its announcement on the Open Savings Initiative forum by the creators. The announcement briefed on the contribution position for this milestone to become a success. OSI is a creation of David Johnston whom was assisted by other players like Yeoman Capital & Ransom Christofferson together with the whole developing team. Financially, OSI has been boosted by Ricardo Jimenezh who donated some proceedings towards the project.
Johnston, a staunch crypto enthusiast and member of the BTC community since 2011, began the OSI vision back then. He had envisioned a cryptocurrency ecosystem that would allow users to save funds hence inflation-protection and a fair platform. His project was driven by the potential in crypto projects to solve challenges within systems like social security, often centralized. OSI would easily facilitate storing the funds up to when the HODLers need the funds at a later age.
In order for Johnston to achieve this dream, he had to find a way of eliminating crypto spending temptations. Luckily, protocols in today’s blockchain arena i.e. ‘OP checklocktimeverify’ & ‘nlocktime’ have facilitated the integration with BTC and BCH ensuring funds are locked for a period effectively and securely.
To make it clear, OSI only made the ‘nlocktime’ & ‘checklocktimeverify’ friendly to operate as they already existed in the Bitcoin and Bitcoin Cash code. Its competitive edge is a decentralized nature of saving the crypto funds; OSI requires literally no custodian as is the case in traditional finance.
Unlocking and fund distribution is a function that lies with the OSI network consensus once BCH & BTC are locked for saving. In addition to its lucrative features, OSI has clear guidelines on how to operate the network given digital currencies is a new class of assets. The project creator, Johnston, has encouraged BTC & BCH users to test his product for feedback on improvement.
However, things are not all good for the OSI project as much as it may seem as a prospectus project. The platform development of OSI may have left out the consideration of a hard fork, something that might affect the locked BCH & BTC. These sentiments echoed on Rddit by Jaimewarlock were further supported by his encounter with BTC, BCH & BTG splitting in which he struggled to catch up with the fork.