Timelock
A constraint that prevents a transaction or output from being spent until a specified time or block height.
Timelocks restrict spending until a block height (nLockTime, CHECKLOCKTIMEVERIFY) or relative time (nSequence, CHECKSEQUENCEVERIFY) is reached. They’re essential building blocks for payment channels, escrows, and refund paths.
"An escrow output pays the recipient today, but includes a timelocked refund branch that returns funds to the sender if unclaimed after 30 days."
Related Terms
Locktime
→A parameter in a transaction that specifies when it can be added to the blockchain.
Opcode
→A fundamental element of Bitcoin's scripting language that enables complex transactions.
Transaction
→The fundamental unit of data exchange on a blockchain, representing transfers of cryptocurrency or executions of smart contracts.
Smart Contract
→Programmatic rules executed by the blockchain to enforce agreements without intermediaries.
All terms and definitions may update as the Cryptionary improves.
