A Timelock, also known as Locktime, is a predetermined schedule that governs the processing of cryptocurrency transactions on the blockchain by miners.
Miners include transactions in the Merkle Tree, a data structure used for efficient verification of transaction data, only after approving a specific block height.
Transactions are considered approved only after they are included in the Merkle Tree.
Satoshi Nakamoto, the creator of Bitcoin, made Timelocks a mandatory feature in all transactions.
The default blocking time is set to 0x00000000 (0).
The main purpose of Timelocks is to ensure that transactions are not verified until a certain time or block height is reached.
There are two types of Timelocks: absolute and time-relative.
Absolute Timelocks define blocks relative to a specific time.
Time-relative Timelocks determine the amount of time that must pass before transactions can be verified.
Bitcoin transactions measure time in two ways: block number and timestamp.
When a Timelock is based on a block number, miners receive a specific block number to determine the Timelock.
For Timelocks based on timestamps, miners must wait until a specific time period has elapsed before confirming the transaction.
Unix time is used to measure this time period.
There are four methods to determine timeblocks in Bitcoin: nSequence, nLocktime, CheckLockTimeVerify, and CheckSquenceVerify.
nLockTime involves absolute blocking at the transaction level.
nSequence is a Timelock relative to transaction levels.
CheckLockTimeVerify involves absolute time blocking at the script level.
CheckSquenceVerify is a Timelock relative to the script level.
Financial advisors cite market timing and regulatory compliance as primary reasons for their reluctance to…
Zircuit is a modular ZK rollup with AI-enabled security at the sequencer level. It attracts…
According to Barron's, US Core PCE in April gained 2.8% YoY, same as March. Monthly…
The stablecoin issuer reorganizes into four divisions, with Tether's Bitdeer investment under the Power division…
TokenUnlocks has released data indicating significant upcoming unlocks scheduled for June.
Upbit has unveiled plans to introduce BEAM trading pairs, expanding its range of supported digital…
This website uses cookies.