Clear DefinitionsTime Lock (Wallet feature)
1 min read
Pronunciation
[tym lok]
Analogy
Like a safety deposit box that only opens after a preset date.
Definition
A wallet feature that prevents spending or moving funds until a specified time or block height is reached.
Key Points Intro
Time locks secure funds by:
Key Points
Deferring transactions: Enforces a future unlock time.
On-chain enforcement: Smart contract or script verifies timestamp.
Use cases: Vesting, delayed withdrawals, inheritance.
Flexibility: Absolute (timestamp) or relative (block-based).
Example
Technical Deep Dive
In Bitcoin scripts, `OP_CHECKLOCKTIMEVERIFY` compares `nLockTime` in the spending tx against the script’s locktime. In Ethereum, a smart contract can require `require(block.timestamp >= unlockTime)`. Wallet UIs expose time-lock parameters when constructing such transactions.
Security Warning
If the owner loses the unlock key or forgets the time parameter, funds remain permanently locked.
Caveat
Time drift between nodes and mempool acceptance rules can affect exact unlock timing.
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