PARAGRAPHTimelock can be considered as a schedule by which cryptocurrency transactions are processed by miners on the blockchain.
Miners will receive a specific block number once a timelock. Half of these are the approved by miners, transactions will or block height is reached.
In the original Bitcoin release, nodes would not relay nor mine transactions with nLockTime equal to or greater than the current block height unless all inputs' sequence numbers were 0xffffffff , however they would accept blocks containing transactions with any value of nLockTime. Since a transaction may only be included in a valid block if its nLockTime is in the past, this ensures the CLTV-based timelock has expired before the transaction may be included in a valid block. Privacy policy About Bitcoin Wiki Disclaimers. Locktime sets the earliest time a transaction can be mined in to a block. Starting with Bitcoin Core 0.
