Timelock
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
4 linkedExplore connected entries beyond the alphabetical index.
Locktime
→A transaction field or script condition that delays when funds can be spent or when a transaction becomes valid.
Opcode
→A fundamental element of Bitcoin's scripting language that enables complex transactions.
Transaction
→A signed data message that asks a blockchain to transfer value, execute code, or update state.
Smart Contract
→Programmatic rules executed by the blockchain to enforce agreements without intermediaries.
All terms and definitions may update as the Cryptionary improves.
