Does a BTC service/application allow me to set a
nTimeLock transaction that can be interrupted by a single predetermined 3rd party before the transaction has been made public? If a service like this does not exist how could I implement a simple version?
BACKGROUND stickK.com (how it works) lets you place monetary punishments for not achieving goals by a predetermined date. The money goes to "anti-charities" or organizations that represent the opposite of your beliefs. I wanted to try the service but didn't want to give them my Credit Card information, and thought bitcoin could do it better.
QUESTION Do any services currently exist that allow me to place a bitcoin transaction to an "anti-charity" in escrow for a certain period of time to achieve my goal. Then if a person of my choosing, my referee (a close friend, sibling, or mentor), determines I have met my goal they can send the bitcoin back to me. However if I did not meet the goal within the specified time period then the contract will automatically send the .5 BTC to my anti-charity.
POSSIBLE SOLUTION The bitcoin wiki offers an example on the contracts page that I feel is very relevant even though it is talking about deposits, but is difficult for me to wrap my head around. If this is the proper solution can you help me understand "Tx2 spends Tx1 and pays it back to the user" found here:
- The website creates a transaction Tx2 (the contract). Tx2 spends Tx1 and pays it back to the user via the address he provided in the first step. Note that Tx1 requires two signatures, so this transaction can't be complete. nLockTime is set to some date in the future (eg, six months). The sequence number on the input is set to zero.