Author: Tier Nolan 2015-05-28 10:30:18
Published on: 2015-05-28T10:30:18+00:00
There is a proposal to update transactions so that they only apply to versions 3 and higher. This change would allow for the re-purposing of the sequence number field for relative lock time, while still leaving 31 bits available for experimentation when relative lock time is not in use. Legacy transactions that have already been signed but have a locktime in the future will still be able to enter the blockchain without having to wait significantly longer than expected. The proposal was adjusted to have the most significant bit signal use of the nSequence field as a relative lock-time. This change maintains as well as possible the semantics of Satoshi's original construction. However, the original protocol allowed for millions of revisions of the transaction, hence for high-frequency trading. It is suggested that with a careful construction of channels, one should only need to bump the sequence number when the channel reverses direction, thus making it a fine approach.
Updated on: 2023-06-09T21:40:20.049504+00:00