diff --git a/ch07.asciidoc b/ch07.asciidoc index b87cf115..350b1187 100644 --- a/ch07.asciidoc +++ b/ch07.asciidoc @@ -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")))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")))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.