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Clarification of the effect on locktime on validity and propagation (relay) of transactions as per submitted errata #151305

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Andreas M. Antonopoulos 2015-01-18 11:12:08 -05:00
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commit d1b01c0508
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@ -61,7 +61,7 @@ The bitcoin network is designed to propagate transactions and blocks to all node
.Transaction Locktime
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((("locktime")))((("transactions","locktime")))Locktime defines the earliest time that a transaction can be added to the blockchain. It is set to zero in most transactions to indicate immediate execution. If locktime is nonzero and below 500 million, it is interpreted as a block height, meaning the transaction is not included in the blockchain prior to the specified block height. If it is above 500 million, it is interpreted as a Unix Epoch timestamp (seconds since Jan-1-1970) and the transaction is not included in the blockchain prior to the specified time. The use of locktime is equivalent to postdating a paper check.
((("locktime")))((("transactions","locktime")))Locktime, also known as nLockTime from the variable name used in the reference client, defines the earliest time that a transaction is valid and can be relayed on the network or added to the blockchain. It is set to zero in most transactions to indicate immediate propagation and execution. If locktime is nonzero and below 500 million, it is interpreted as a block height, meaning the transaction is not valid and is not relayed or included in the blockchain prior to the specified block height. If it is above 500 million, it is interpreted as a Unix Epoch timestamp (seconds since Jan-1-1970) and the transaction is not valid prior to the specified time. Transactions with locktime specifying a future block or time must be held by the originating system and transmitted to the bitcoin network only after they become valid. The use of locktime is equivalent to postdating a paper check.
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[[tx_inputs_outputs]]