1
I would like to know if timelock transactions are considered standard with the current bitcoin client. If the answer is no, this means that you should use a different client or is it up to user choice? Furthermore, if someone wants to construct such a transaction which is the structure it should have?
3
nLocktime has always been standard and is used to prevent fee sniping.
OP_CHECKLOCKTIMEVERIFY is currently not implemented and is not enforced.
A non-standard transaction can be mined by a miner, but will not relay around the normal peer to peer network. A transaction who has a nLockTime which has not been passed is invalid, and won't be relayed or included in a block until this time has passed.
Also related to fee sniping. – morsecoder – 2015-10-20T02:59:12.453
1So if my understanding is correct nLickTime is another parameter which defines when the current transaction will enter the blockchain. On the other hand, OP_CHECKLOCKTIMEVERIFY is a script which gives us the ability to enter the transaction in the blockchain but to block the funds until a certain timestamp or block height. – angel limneos – 2015-10-20T09:27:09.463
A minimum time or block height before which a transaction is invalid, yes. – Anonymous – 2015-10-20T09:28:58.603
1do you mean the locktime field in the transaction or OP_CHECKLOCKTIMEVERIFY? – mulllhausen – 2015-10-19T11:39:34.707
Both I would say. nlocktime field is used to lock the transaction in the future and then how it will be verified? – angel limneos – 2015-10-19T12:16:33.047
i wrote this to explain how locktime and OP_CHECKLOCKTIMEVERIFY work
– mulllhausen – 2015-10-19T13:03:06.767