Published on: 2015-06-21T16:54:08+00:00
The email thread discusses the usage of nLockTime in Bitcoin transactions and how it is handled by different wallets. When a transaction with an nLockTime value greater than zero is created, it cannot be accepted or relayed by nodes until the locktime expires. This means that it cannot be stored in a block before its locktime expires and must be kept offline until then. The purpose of nLockTime is to ensure that the transaction is not broadcasted and confirmed into a block before the specified locktime.Peter Todd and others are working on enhancements to basic nLockTime called CHECKLOCKTIMEVERIFY and RELATIVE CHECKLOCKTIMEVERIFY. These enhancements offer users the guarantee that if they have a transaction with nLockTime, the signer holding the private keys used to sign it cannot sign another transaction with nLockTime 0 and broadcast it before the locktime for their original transaction expires. This provides added security and prevents the possibility of a signed transaction being overridden by a conflicting one.There is also a discussion about the storage of transactions with nLockTime on the blockchain. Braun Brelin raises a question regarding whether such transactions are stored in a block on the blockchain or in the mempool until the actual time or block number exceeds the current value. In addition, Braun questions how this affects the concept of pruning that is supposed to be implemented in version 0.11. Specifically, if a transaction is created that doesn't take effect for 10 years and is stored in a block, does that block stay on the active list for that entire period?Overall, the email thread delves into the intricacies of nLockTime, its importance in verifying transactions, and ongoing efforts to enhance its functionality. It also addresses concerns regarding the storage of transactions with nLockTime on the blockchain and their impact on the concept of pruning.
Updated on: 2023-08-01T13:29:42.426406+00:00