Timelock
scripting · bitcoin
A spending rule that prevents a transaction or output from being used until a specified time or block height.
A timelock delays when a transaction can become valid or when an output can be spent. Blockchains commonly support absolute timelocks based on a date or block height and relative timelocks based on how long an output has existed.
Timelocks are building blocks for escrows, payment channels, vaults, inheritance plans, and atomic swaps. They reduce trust by making fallback paths enforceable by the chain instead of by a promise.
Related terms
Locktime
→A transaction field or script condition that delays when a transaction or spending path becomes eligible for inclusion.
technical · blockchain
Opcode
→An encoded instruction interpreted by a virtual machine or transaction script engine.
technical · scripting
Transaction
→A serialized state transition that a blockchain can validate, relay, and include in a block.
blockchain · technical
Smart Contract
→Blockchain-enforced program or script logic that controls how assets or state may change.
blockchain · scripting