Author: Gregory Maxwell 2018-09-06 15:16:34
Published on: 2018-09-06T15:16:34+00:00
The proposed functionality of allowing time-based invalidation of transactions does not currently exist in the Bitcoin system. This is not because it has not been previously proposed, but rather because it has been determined to be harmful. The current design of CLTV/CSV was intentionally constructed to prevent a transaction from becoming invalid based on time. Allowing a spend to become invalid would result in the potential destruction of coins without any dishonest actions by the coin's owner. This is because any non-monotone validity event in a coin's recent history would make it function like a newly generated coin that could be destroyed by a reorganization. To address this issue for newly generated coins, Bitcoin restricts their use for 100 blocks. However, no compelling argument has been made for a use case for non-monotone validity that outweighs the negative effects, which could be addressed by subjecting such coins to a maturity limitation.
Updated on: 2023-05-20T17:43:10.715841+00:00