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judymcconville@roadrunner.com 2017-05-01 10:59:47 -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)
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")))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.
@ -298,7 +298,7 @@ After execution, if +CLTV+ is satisfied, the time-parameter that preceded it rem
By using nLocktime in conjunction with +CLTV+, the scenario described in <<locktime_limitations>> changes. Because Alice locked the UTXO itself, it is now impossible for either Bob or Alice to spend it before the 3-month locktime has expired. By using nLocktime in conjunction with +CLTV+, the scenario described in <<locktime_limitations>> changes. Because Alice locked the UTXO itself, it is now impossible for either Bob or Alice to spend it before the 3-month locktime has expired.
By introducing timelock functionality directly in the scripting language, +CLTV+ allows us to develop some very interesting complex scripts. By introducing timelock functionality directly in the scripting language, +CLTV+ allows us to develop some very interesting complex scripts.((("", startref="cltv07")))
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)].