Re: [Bitcoin-development] Question regarding transactions with NLOCKTIME > 0

[s7r <s7r@sky-ip.org>]

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
> 
> 
> 
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