flywithu/Learning-Bitcoin-from-the-Command-Line
1
1
Fork 0
mirror of https://github.com/ChristopherA/Learning-Bitcoin-from-the-Command-Line.git synced 2025-06-07 16:06:26 +00:00
Code Issues Releases Wiki Activity

Create 09_2_Using_CLTV_in_Scripts.md

Browse Source
This commit is contained in:
Shannon Appelcline 2017-06-13 11:58:57 -07:00 committed by GitHub
parent 1c63fe595b
commit a302ff72b3
1 changed files with 6 additions and 2 deletions
Show Stats Download Patch File Download Diff File Expand all files Collapse all files

8
09_2_Using_CLTV_in_Scripts.md
View File

@ -10,7 +10,7 @@
Before digging into CLTV, we should first recall how `nLockTime` works.
As detailed in [§6.4: Sending a Transaction with a Locktime](6_4_Sending_a_Transaction_with_a_Locktime.md), locktime is enabled by setting two variables, `nLockTime` and the `nSequence`. The `nSequence` must be set to less than 0xffffffff (usually: 0xffffffff-1), then the `nLockTime` is interpreted as follows:
As detailed in [§6.4: Sending a Transaction with a Locktime](06_4_Sending_a_Transaction_with_a_Locktime.md), locktime is enabled by setting two variables, `nLockTime` and the `nSequence`. The `nSequence` must be set to less than 0xffffffff (usually: 0xffffffff-1), then the `nLockTime` is interpreted as follows:
* If the `nLockTime` is less than 500 million, it is interpreted as a blockheight.
* If the `nLockTime` is 500 million or more, it is interpreted as a UNIX timestamp.
@ -75,7 +75,7 @@ The following simple locking script could be used to transform a P2PKH output to
### Encode a CLTV Script
Of course, as with any complex Bitcoin Scripts, this CLTV script would actually be encoded in a P2SH script, as explained in [§8.1: Understanding the Foundation of P2SH](8_1_Understanding_the_Foundation_of_P2SH.md) and [§8.2: Building the Structure of P2SH](8_2_Building_the_Structure_of_P2SH.md).
Of course, as with any complex Bitcoin Scripts, this CLTV script would actually be encoded in a P2SH script, as explained in [§8.1: Understanding the Foundation of P2SH](08_1_Understanding_the_Foundation_of_P2SH.md) and [§8.2: Building the Structure of P2SH](08_2_Building_the_Structure_of_P2SH.md).
Assuming that `<NextYear>` were the integer "1546288031" (little-endian hex: 0x9f7b2a5c) and `<pubKeyHash>` were "371c20fb2e9899338ce5e99908e64fd30b789313", this `redeemScript` would be built as:
```
@ -137,3 +137,7 @@ Finally, the remainder of the script runs, which is a normal check of a signatur
`OP-CHECKLOCKTIMEVERIFY` is a simple opcode that looks at a single argument, interprets it as a blockheight or UNIX timestamp, and only allows its UTXO to be unlocked if that blockheight or UNIX timestamp is in the past. Setting `nLockTime` on the spending transaction is what allows Bitcoin to make this calculation.
_What is the Power of CLTV?_ You've already seem that simple locktimes were one of the bases of Smart Contracts. CLTV takes the next step. Now you can both guarantee that a UTXO can't be spent before a certain time _and_ guarantee that it won't be spent either. In its simplest form, this could be used to create a trust that someone could only access when they reached 18 or a retirement fund that they could only access when they turned 50. However it's true power comes when combined with conditionals, where the CLTV only activates in certain situations.
## What's Next?
Continue "Empowering Timelock" with [§9.3: Using CSV in Scripts](09_3_Using_CSV_in_Scripts.md).