I would like to know if timelock transactions are considered standard with the current bitcoin client. If the answer is no, this means that you should use a different client or is it up to user choice? Furthermore, if someone wants to construct such a transaction which is the structure it should have?
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1do you mean the locktime field in the transaction or OP_CHECKLOCKTIMEVERIFY? – mulllhausen Oct 19 '15 at 11:39
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Both I would say. nlocktime field is used to lock the transaction in the future and then how it will be verified? – angel limneos Oct 19 '15 at 12:16
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i wrote this to explain how locktime and OP_CHECKLOCKTIMEVERIFY work – mulllhausen Oct 19 '15 at 13:03
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nLocktime has always been standard and is used to prevent fee sniping.
OP_CHECKLOCKTIMEVERIFY is currently not implemented and is not enforced.
A non-standard transaction can be mined by a miner, but will not relay around the normal peer to peer network. A transaction who has a nLockTime which has not been passed is invalid, and won't be relayed or included in a block until this time has passed.
Claris
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1So if my understanding is correct nLickTime is another parameter which defines when the current transaction will enter the blockchain. On the other hand, OP_CHECKLOCKTIMEVERIFY is a script which gives us the ability to enter the transaction in the blockchain but to block the funds until a certain timestamp or block height. – angel limneos Oct 20 '15 at 09:27
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A minimum time or block height before which a transaction is invalid, yes. – Claris Oct 20 '15 at 09:28