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judymcconville@roadrunner.com 2017-05-01 10:56:11 -07:00
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@ -222,7 +222,7 @@ Two new command-line options have been added in Bitcoin Core as of version 0.10.
=== Timelocks
((("transactions", "advanced", "timelocks")))((("scripting", "timelocks", id="Stimelock07")))((("nLocktime field")))Timelocks are restrictions on transactions or outputs that only allow spending after a point in time. Bitcoin has had a transaction-level timelock feature from the beginning. It is implemented by the +nLocktime+ field in a transaction. Two new timelock features were introduced in late 2015 and mid-2016 that offer UTXO-level timelocks. These are +CHECKLOCKTIMEVERIFY+ and +CHECKSEQUENCEVERIFY+.
((("transactions", "advanced", "timelocks")))((("scripting", "timelocks", id="Stimelock07")))((("nLocktime field")))((("scripting", "timelocks", "uses for")))Timelocks are restrictions on transactions or outputs that only allow spending after a point in time. Bitcoin has had a transaction-level timelock feature from the beginning. It is implemented by the +nLocktime+ field in a transaction. Two new timelock features were introduced in late 2015 and mid-2016 that offer UTXO-level timelocks. These are +CHECKLOCKTIMEVERIFY+ and +CHECKSEQUENCEVERIFY+.
Timelocks are useful for post-dating transactions and locking funds to a date in the future. More importantly, timelocks extend bitcoin scripting into the dimension of time, opening the door for complex multistep smart contracts.