CHECKLOCKTIMEVERIFY Means Bitcoin Escrow, Refunds and a Fork

CHECKLOCKTIMEVERIFY Means Bitcoin Escrow, Refunds and a Fork

Yesterday, Bitcoin Core developer Peter Todd posted his draft for a new Bitcoin opcode, CHECKLOCKTIMEVERIFY. This new script gives Bitcoin powerful new features and solves transaction malleability issues. In his BIP draft Todd reveals use cases for Escrow, Time-locked Refunds, Two-factor Wallets, Micropayment Channels, Trustless Payments, and more. "Very nice," Gavin Andresen responded on the Bitcoin-development mailing list, supportive of Todd's request for peer review. He recommended deferring the "knock-down[sic] drag-out" deployment discussion. He stated his preference in achieving....


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CheckLockTimeVerify, or How a Time-Lock Patch Will Boost Bitcoin's Potential

CheckLockTimeVerify (CLTV) has been merged into Bitcoin Core. This is generally considered great news, because it means that Bitcoin's potential has improved drastically. In particular, the patch that was proposed by Bitcoin Core developer Peter Todd allows for the proper establishment of payment channels. This means that Bitcoin users will be able to transact cheaper, faster, and at a higher volume than usual, while maintaining all of the advantages as offered by the blockchain. What is CheckLockTimeVerify? The CLTV concept is fairly simple. Essentially, it allows users to create a....

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New Online System at Mt. Gox May Be Used to Facilitate Bitcoin Refunds to Cre...

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