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Edited ch07.asciidoc with Atlas code editor

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nadams 2017-04-24 13:29:20 -07:00
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@ -277,7 +277,7 @@ To lock it to a time, say 3 months from now, the transaction would be a P2SH tra
where +<now {plus} 3 months>+ is a block height or time value estimated 3 months from the time the transaction is mined: current block height {plus} 12,960 (blocks) or current Unix epoch time {plus} 7,760,000 (seconds). For now, don't worry about the +DROP+ opcode that follows +CHECKLOCKTIMEVERIFY+; it will be explained shortly.
When Bob tries to spend this UTXO, he constructs a transaction that references the UTXO as an input. He uses his signature and public key in the unlocking script of that input and sets the transaction nLocktime to be equal or greater to the timelock in the +CHECKLOCKTIMEVERIFY+ Alice set. Bob then broadcasts the transaction on the bitcoin network.
When Bob tries to spend this UTXO, he constructs a transaction that references the UTXO as an input. He uses his signature and public key in the unlocking script of that input and sets the transaction +nLocktime+ to be equal or greater to the timelock in the +CHECKLOCKTIMEVERIFY+ Alice set. Bob then broadcasts the transaction on the bitcoin network.
Bob's transaction is evaluated as follows. If the +CHECKLOCKTIMEVERIFY+ parameter Alice set is less than or equal the spending transaction's +nLocktime+, script execution continues (acts as if a NOP opcode was executed). Otherwise, script execution halts and the transaction is deemed invalid.
@ -300,7 +300,7 @@ By using nLocktime in conjunction with +CLTV+, the scenario described in <<lockt
By introducing timelock functionality directly in the scripting language, +CLTV+ allows us to develop some very interesting complex scripts.
The standard is defined in https://github.com/bitcoin/bips/blob/master/bip-0065.mediawiki[BIP-65 (CHECKLOCKTIMEVERIFY)]
The standard is defined in https://github.com/bitcoin/bips/blob/master/bip-0065.mediawiki[BIP-65 (CHECKLOCKTIMEVERIFY)].
==== Relative Timelocks