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judymcconville@roadrunner.com 2017-05-01 11:04:05 -07:00
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@ -250,7 +250,7 @@ It is important to understand the limitations of transaction +nLocktime+. The on
==== Check Lock Time Verify (CLTV) ==== Check Lock Time Verify (CLTV)
((("Check Lock Time Verify (CLTV)", id="cltv07")))((("timelocks", "Check Lock Time Verify (CLTV)")))((("scripting", "timelocks", "Check Lock Time Verify (CLTV)")))In December 2015, a new form of timelock was introduced to bitcoin as a soft-fork upgrade. Based on a specification in Bitcoin Improvement Proposal 65 (BIP-65), a new script operator _CHECKLOCKTIMEVERIFY_ (known also as _CLTV_) was added to the scripting language. +CLTV+ is a per-output timelock, rather than a per-transaction timelock as is the case with +nLocktime+. This allows for much greater flexibility in the way timelocks are applied. ((("Check Lock Time Verify (CLTV)", id="cltv07")))((("timelocks", "Check Lock Time Verify (CLTV)")))((("scripting", "timelocks", "Check Lock Time Verify (CLTV)")))((("bitcoin improvement proposals", "CHECKLOCKTIMEVERIFY (BIP-65)")))In December 2015, a new form of timelock was introduced to bitcoin as a soft-fork upgrade. Based on a specification in Bitcoin Improvement Proposal 65 (BIP-65), a new script operator _CHECKLOCKTIMEVERIFY_ (known also as _CLTV_) was added to the scripting language. +CLTV+ is a per-output timelock, rather than a per-transaction timelock as is the case with +nLocktime+. This allows for much greater flexibility in the way timelocks are applied.
In simple terms, by adding the +CLTV+ opcode in the redeem script of an output it restricts the output, so that it can only be spent after the specified time has elapsed. In simple terms, by adding the +CLTV+ opcode in the redeem script of an output it restricts the output, so that it can only be spent after the specified time has elapsed.