I am excited to share with the community a draft of an Ethereum Improvement Proposal (EIP) that I’ve been working on, titled “Time Capsule Encryption via Verifiable Delay Functions (VDFs).” This proposal introduces a mechanism to securely encrypt content on the Ethereum blockchain with a time-delayed decryption feature.
The primary goal of this EIP is to enhance the Ethereum ecosystem by enabling secure, time-locked encryption of data. This would be particularly useful for applications requiring time-bound confidentiality, such as sealed bidding, timed message releases, or digital inheritance.
Key features of the proposal include:
- Secure On-chain Encryption: Users can encrypt content (text or files) and upload it to the blockchain.
- Time-Delayed Decryption: Decryption is only possible after a pre-defined period, using Verifiable Delay Functions (VDFs).
- Integrity and Authenticity: Ensures that the content remains secure and unaltered until the specified unlock time.
I am reaching out to the Ethereum community for feedback, suggestions, and discussions around this proposal. Your insights and expertise would be invaluable in refining and improving this EIP. Some specific areas where feedback would be particularly helpful include:
- Technical Feasibility: Insights on the implementation of VDFs and the encryption mechanism.
- Use Cases: Suggestions on potential applications and use cases for this mechanism.
- Security Concerns: Any potential security issues and how they might be addressed.
The draft of the EIP is available here EIP for Time Capsule Encryption via Verifiable Delay Functions (VDFs) by hojayxyz · Pull Request #7971 · ethereum/EIPs · GitHub. I encourage everyone to read through it and provide your thoughts either in this thread or directly on the draft document.
Based on the feedback received, I plan to refine the EIP draft and prepare it for formal submission. I am committed to engaging with the community throughout this process to ensure that the proposal aligns well with the needs and expectations of the Ethereum ecosystem.
Thank you in advance for your time and input!