From: Jeff Garzik <jgarzik@bitpay•com>
To: Braun Brelin <bbrelin@gmail•com>
Cc: Bitcoin Dev <bitcoin-development@lists•sourceforge.net>
Subject: Re: [Bitcoin-development] Question regarding transactions with NLOCKTIME > 0
Date: Sun, 21 Jun 2015 09:54:08 -0700 [thread overview]
Message-ID: <CAJHLa0PM8yOw3XxPtRGQaGosurcKi8rOn5Jeh4mm9-Wu+N6MJg@mail.gmail.com> (raw)
In-Reply-To: <CAJ2Ovph8ijL8v0r-gK4NNt7zA7G-1eTTsk7ZWqbw3HqD8jbF7A@mail.gmail.com>
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Yes, that is correct. The network will not relay until locktime reaches
"maturity", i.e. it can be confirmed into a block.
The wallet holds onto the transaction -- or simply does not generate --
until it can be confirmed.
On Sun, Jun 21, 2015 at 5:11 AM, Braun Brelin <bbrelin@gmail•com> wrote:
> So, basically it sounds as though the wallet generating the transaction is
> what is responsible for holding on to the transaction and then
> only releasing it to the network when the NLOCKTIME value is less than or
> equal to the current time. Does that sound right?
>
> Braun
>
>
> On Sun, Jun 21, 2015 at 10:45 AM, s7r <s7r@sky-ip•org> wrote:
>
>> Hi
>>
>> I don't think that a transaction with nLockTime>0 will be accepted by
>> nodes / relayed in the Bitcoin network, until its time expires (e.g.
>> nLockTime==now). This means it obviously cannot be stored in a block,
>> before its locktime expires. nLockTime is designed in a way that you,
>> need to keep it offline (not broadcast it to the network because it
>> won't be accepted or relayed by nodes) until the locktime expires, then
>> you can broadcast it and it will be mined and included in a block, like
>> a normal tx.
>>
>> This is exactly why Peter Todd and others are working on
>> CHECKLOCKTIMEVERIFY and RELATIVE CHECKLOCKTIMEVERIFY - this is an
>> enhancement to basic nLockTime which tends to offer to users the
>> guarantee that if you have a transaction with nLockTime, the signer
>> holding the private keys used to sign it cannot sign another one, with
>> nLockTime 0 and broadcast it before the locktime for your tx expires.
>>
>> Cheers!
>>
>> On 6/21/2015 10:10 AM, Braun Brelin wrote:
>> > Hi all,
>> >
>> > When a transaction with N_LOCKTIME>0 is created, does that transaction
>> > get stored in a block on the blockchain or is it stored in the mempool
>> > until the actual time (or block number) exceeds the current value? If
>> > it is stored on the blockchain, how does that affect the concept of
>> > pruning that is supposed to be going in to version 0.11? I.e. if I
>> > create a transaction that doesn't take effect for 10 years, and that
>> > transaction is stored in a block, does that block stay on the active
>> > list for that period of time?
>> >
>> > Thanks,
>> >
>> > Braun Brelin
>> >
>> >
>> >
>> >
>> ------------------------------------------------------------------------------
>> >
>> >
>> >
>> > _______________________________________________
>> > Bitcoin-development mailing list
>> > Bitcoin-development@lists•sourceforge.net
>> > https://lists.sourceforge.net/lists/listinfo/bitcoin-development
>> >
>>
>
>
>
> ------------------------------------------------------------------------------
>
> _______________________________________________
> Bitcoin-development mailing list
> Bitcoin-development@lists•sourceforge.net
> https://lists.sourceforge.net/lists/listinfo/bitcoin-development
>
>
--
Jeff Garzik
Bitcoin core developer and open source evangelist
BitPay, Inc. https://bitpay.com/
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prev parent reply other threads:[~2015-06-21 16:54 UTC|newest]
Thread overview: 5+ messages / expand[flat|nested] mbox.gz Atom feed top
2015-06-21 7:10 Braun Brelin
2015-06-21 8:45 ` s7r
2015-06-21 12:11 ` Braun Brelin
2015-06-21 12:32 ` s7r
2015-06-21 16:54 ` Jeff Garzik [this message]
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