How to use CryptoCompare bitcoin Chain engineer Andreev believes this technology could smooth the process of completing miners successful hard fork. So miners every second that Alice watches the video, Lock can claim an additional satoshi, bitcoin no need to wait for confirmations on the time. Questions Tags Users Badges Unanswered. The Lock Scaling Countdown: Don't miss time single story I would like to receive the following emails:
At this point, bitcoin count time btcminer and me should bewhereas s2xminer should lock blocks, miners more than the bitcoin. On a final note, it should be mentioned that the CLTV concept is actually not new at all; it has existed in Bitcoin since the early days. Anybody can ask a question Anybody can answer The best answers are voted up and rise bitcoin the top. The other is a regular fee transaction meant time Bitcoin. Locktime means time transaction may only be accepted by lock until the blockheight indicated in that miners has been exceeded. Since the locktime field indicated and currently the latest blockheight as lock 12th July AEST is the transaction has now been accepted by the network and confirmation will follow very soon. Initially, miners nodes are connected to each other, so we do the same here using addnode.
These are the last arguments in the command below. We can look at what this transaction looks like now to make sure it looks okay:. The two bolded parts are what we need to double check: This will give a JSON object with a hex and complete values.
Make sure complete is true and, if it is, copy paste the hex value into a new variable. We now create another transaction, this one meant for the Bitcoin network. It spends the same inputs, but it sends to a different output. Start by deciding a fee. If the first is mined, you ended up losing satoshi on both sides.
As you can see, locktime is now 0 and sequence is now the max, indicating this is not replaceable, and it has no locktime, meaning it is valid at any time, as long as the inputs are unspent.
The other is a regular fee transaction meant for Bitcoin. The second one must have a fee higher than the first, or it cannot replace it if Bitcoin chain catches up before it is confirmed. For simplicity, we will just send it to the s2xminer node directly; in the real case, you need to either have a node connected to the Segwit2x network, or you need to find a service that lets you push a transaction.
Presumably there will be Segwit2x transaction pushers available. You would simply copy signedtx1 and paste it there. You probably do not wanna attempt this in the real case, but just to demonstrate, we will first try to send our transaction to the bitcoin network. It will be rejected, because the bitcoin network has not mined up to block yet:.
The output on my end should be the same on yours is:. It should give you the transaction id of your transaction back. We now wait for the transaction to be mined. In the real case, you would simply open your transaction ID given by the above command in a blockchain explorer for the Segwit2x net and wait for it to receive 1 or 2 confirmations. So for every second that Alice watches the video, Bob can claim an additional satoshi, with no need to wait for confirmations on the blockchain.
And since only one transaction — the last one for Bob to claim — is actually recorded on the blockchain, Alice and Bob do not clog up the Bitcoin network with micro-transactions, and they need to pay only a single mining fee. There is one problem. What if, for some unforeseeable reason, Bob cannot or will not transmit the transaction at all? Perhaps because he falls of a cliff, or he loses his private key, or maybe he holds Alice's bitcoin ransom and demands a bigger cut, or some other reason.
In that case, Alice will have lost her bitcoin, even if she didn't watch Bob's video stream long enough for it to be worth a bitcoin.
Alice can add CLTV to the initial bitcoin transaction, using it to send the whole bitcoin back to her own address. This transaction is validated — for example — one day later, but only if Alice and Bob didn't sign the multi-signature transaction before that time. Now, if Bob doesn't sign the transaction at all for whatever reason, Alice can sign it by herself and is guaranteed to get her money back. Worst case scenario for Alice is that she would need to wait a day.
She might be a bit annoyed, but she will not lose any money. As such, the whole process has been made completely trustless. On a final note, it should be mentioned that the CLTV concept is actually not new at all; it has existed in Bitcoin since the early days. With the previous incarnation of the time-locked concept, however, locked transactions were not actually included in the blockchain until a certain point in time. Rather, they were kept by Alice and more importantly Bob, to transmit over the Bitcoin network once the time-lock expired.
By actually baking it into the protocol as CLTV does, the payment channel process is better streamlined and more robust. Perhaps most importantly, it disables payment channel failures caused by transaction malleability.
First, it will be rolled out with the latest version of Bitcoin Core: This is scheduled for early After that, a super-majority of Bitcoin miners — 75 percent of hashing power — will need to signify they are ready and prepared to allow CLTV.
This seems unlikely to cause much trouble, as there is no real opposition to the patch. We are always looking for talented writers to join our team. If you have an article you'd like to have published to our audience please reach out to editor bitcoinmagazine.
Here's how it works: Anybody can ask a question Anybody can answer The best answers are voted up and rise to the top. I got a transaction that is still not confirmed for about one week, and I can see a field called "Lock Time" that says: I'm guessing the user sent the transaction a second time after , since otherwise nodes would not relay it. That's why the "Received Time" on blockchain. Definition Part of a transaction which indicates the earliest time or earliest block when that transaction may be added to the block chain.
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The Bitcoin transaction lock time is the time at which a particular transaction can be added to the blockchain. This is the earliest time that miners can include the transaction in their hashing of the Merkle root to attach it in the latest block to the blockchain. Definition. Part of a transaction which indicates the earliest time or earliest block when that transaction may be added to the block chain. Synonyms. Locktime. nLockTime. Links. Locktime — wearebeachhouse.com Developer Guide. nLockTime — Bitcoin Wiki. How is locktime enforced in Bitcoin Core? — Bitcoin StackExchange . Hi there, I'm curious as to what lock time means? Also you can see from my transaction as listed below, it has a lock time, and a mining block. However i'm not sure what this means, as its been unconfirmed for over a day. https:// wearebeachhouse.com