Goldcoin Timelock

Public verification artifacts for a 1,000,000,000 GLC treasury timelock: 200 tranches of 5,000,000 GLC, one released per year for 200 years, enforced on-chain by OP_CHECKLOCKTIMEVERIFY (BIP65).

Funding transaction: e45539ddb23ee3e760afa62f95567a07a29c2a81e72efd6a0c0c9c5c48867db2

Tranche i is output i of that transaction (i = 0..199). Output 200 is change and is not part of the timelock.

How the lock works

Each tranche is a P2SH output whose redeem script is:

<unlock_height> OP_CHECKLOCKTIMEVERIFY OP_DROP
OP_DUP OP_HASH160 <hash160> OP_EQUALVERIFY OP_CHECKSIG

Spending requires both the private key for the destination address and a transaction whose nLockTime is at or past the tranche's unlock height, with a non-final nSequence. Consensus rejects an early spend outright — this was verified on mainnet before the treasury was committed.

Verify it yourself

Every tranche can be checked against the chain with no trust in this repo:

# confirm a tranche exists, is unspent, and holds 5,000,000 GLC
goldcoin-cli gettxout e45539ddb23ee3e760afa62f95567a07a29c2a81e72efd6a0c0c9c5c48867db2 0

# confirm the redeem script decodes to the expected height and P2SH address
goldcoin-cli decodescript 035af02ab17576a9148b6edf99e720e2b287737fb97b55c6b20bf5c0cb88ac

A P2SH address is the hash of its redeem script, so if the address in schedule_review.json matches the address holding the coins on-chain, the script is proven correct.

Regenerate the entire schedule from scratch and confirm it matches (byte-identical, sha256 d98091e651b260e98647579eac9ec68832a35fd6295e099697908475a646b525):

python3 generate_schedule.py \
    --destination-address E6XZFm98fprabjTKoD27WW474RBCLshjiK \
    --tranches 200 --amount-per-tranche 5000000 \
    --start-height 2814042 --interval 237380 \
    --out check.json

Contents

Why 237,380 blocks

Goldcoin targets 120 s per block, but the measured rate over the year to 2026-08-19 was 132.94 s (30-day: 132.52 s, 90-day: 133.34 s), giving 237,380 blocks per calendar year. The schedule uses the measured figure, not the target.

Block spacing has trended downward for years (165 s in 2019 → 132 s in 2026) as hashrate has grown toward the target. No fixed block interval can track calendar years indefinitely; later tranches will drift relative to wall-clock dates.

No private keys

This repository contains no key material. The redeem scripts and addresses are public by design — they reveal the lock schedule but confer no ability to spend.