[BIP draft] CHECKLOCKTIMEVERIFY - Prevent a txout from being spent until an expiration time

Author: Luke Dashjr 2014-10-01 18:23:55
Published on: 2014-10-01T18:23:55+00:00

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Summary:

In an email sent on October 1st, 2014, Peter Todd proposed the implementation of a new opcode called CHECKLOCKTIMEVERIFY. He requested thoughts on a way to increase the stack item by the height at which the scriptPubKey was in a block. Todd noted that encoding the target height/time directly may lead to miners choosing not to mine the first transaction until they could take the "burn to fee." To combat this, he suggested saying "cannot be spent until 100 blocks after the first transaction is mined" to reproduce the generation maturity rule. Todd proposed incrementing any stack item under 0x40000 by the height at which the scriptPubKey was mined for comparison and questioned if a similar approach should be taken with time. Luke was copied on this correspondence.

Updated on: 2023-06-09T02:48:57.294527+00:00