Securely time-lock documents on Arweave with Ethereum incentives
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How does it work?
If Edward Snowden wanted to secure his secret document until January 1st 2021, he'd go through the following process:
- Open up the permanent Arweave address for EdLock.
- Login with his Arweave key and select the secret document to encrypt.
- Set parameters for the time-capule: when the capsule should be opened, how many shards the master encryption key should be broken into, the number of shards needed to restore the key, and how much of a reward he wants to give shard holders for waiting until the unlock time.
- EdLock now generates a wallet that will have the ability to make a request to the reward contract, burner wallets for each of the shard holders, and then deploys a smart contract with Edward's parameters and references to the honeypot and burner addresses.
- EdLock then buries the time-capsule by encrypting the contract address, honeypot private key, and secured file using the master encryption key and uploading it to Arweave.
- EdLock then generates QR codes for each shard that contains the shard, a burner wallet private key, the Arweave hash, and the smart contract address
- Edward then reviews the QR codes, prints them, and pushes the Fund button to send the reward to the smart contract.