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judymcconville@roadrunner.com 2017-05-01 10:54:09 -07:00
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@ -222,7 +222,7 @@ Two new command-line options have been added in Bitcoin Core as of version 0.10.
=== Timelocks
((("transactions", "advanced", "timelocks")))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")))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.
@ -385,7 +385,7 @@ To prevent "fee sniping," when Bitcoin Core creates transactions, it uses +nLock
But under a blockchain fork attack, the miners would not be able to pull high-fee transactions from the mempool, because all those transactions would be timelocked to block #100,001. They can only re-mine #100,000 with whatever transactions were valid at that time, essentially gaining no new fees.
To achieve this, Bitcoin Core sets the +nLocktime+ on all new transactions to <current block # + 1> and sets the +nSequence+ on all the inputs to 0xFFFFFFFE, to enable +nLocktime+.
To achieve this, Bitcoin Core sets the +nLocktime+ on all new transactions to <current block # + 1> and sets the +nSequence+ on all the inputs to 0xFFFFFFFE, to enable +nLocktime+.((("", startref="Stimelock07")))
=== Scripts with Flow Control (Conditional Clauses)