[bitcoin-dev] BIP68: Relative lock-time through consensus-enforced sequence numbers (update)

[Btc Drak <btcdrak@gmail.com>]

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As I am sure you are aware, for the last 5 months work has been on-going to
create a relative lock-time proposal using sequence numbers. The
implementation can be found at https://github.com/bitcoin/bitcoin/pull/6312.
The current implementation is "mempool-only" and the soft-fork would be
deployed at a later stage.

Over these months there has been various discussion back and forth to
refine the details.

I have updated the BIP text now according to the details that were
discussed in mid-October[1][2] and have extensively clarified the text.

To recap, the overall picture for relative lock-time is that BIP68
introduces consensus rules using some of the nSequence field, while BIP112
creates a new opcode OP_CHECKSEQUENCEVERIFY (PR #6564) so relative
lock-time can be verified from the Bitcoin scripting language. Ideally we
would soft-fork BIP68, BIP112 (CSV) and 113 (MTP) together. BIP113 has been
deployed in 0.11.2 as mempool policy so miners should be applying this
policy as they deploy version 4 blocks for the ongoing CLTV soft-fork
(currently at 42% at the time of writing).

I am writing this mail to draw your attention to the BIP68 pull-requests
and to request final review at:

BIP68 text - https://github.com/bitcoin/bips/pull/245
BIP68 implementation - https://github.com/bitcoin/bitcoin/pull/6312

Discussion references:
[1]
https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-October/011357.html
[2] http://bitcoinstats.com/irc/bitcoin-dev/logs/2015/10/15#l1444928045.0

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