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Title: Correct steps for a delayed transaction? Post by: voileipa on September 09, 2014, 12:59:09 PM I'm trying to create create a delayed transaction for myself. I'm using nLockTime and the following steps. The situation what I'm trying to reach is that there are 1 BTC that is not reachable until 10 000 blocks are found.
Are the following steps correct? 1. I create a new key-address pair. (KEY1 1Address1) 2. I send 1BTC to address 1Adddress1 3. I create new key-address pair. (KEY2 1Address2) 4. I create a transaction with nLockTime (currentblockheight + 10000). The input is 1Address1 and output 1Address2. I sign it with KEY1. HOWEVER, I do not broadcast the transaction. 5. I destroy KEY1. 6. Now I have a transaction, which is now valid until 10 000 blocks are found and I store it. After 10 000 blocks are found I broadcast the transaction and unlock the bitcoins with KEY2. Does this work or can I just replace the nLockTime in the transaction with 0, so the transaction becomes instantly valid? Title: Re: Correct steps for a delayed transaction? Post by: DannyHamilton on September 09, 2014, 01:50:40 PM I'm trying to create create a delayed transaction for myself. I'm using nLockTime and the following steps. The situation what I'm trying to reach is that there are 1 BTC that is not reachable until 10 000 blocks are found. Are the following steps correct? 1. I create a new key-address pair. (KEY1 1Address1) 2. I send 1BTC to address 1Adddress1 3. I create new key-address pair. (KEY2 1Address2) 4. I create a transaction with nLockTime (currentblockheight + 10000). The input is 1Address1 and output 1Address2. I sign it with KEY1. HOWEVER, I do not broadcast the transaction. 5. I destroy KEY1. 6. Now I have a transaction, which is now valid until 10 000 blocks are found and I store it. After 10 000 blocks are found I broadcast the transaction and unlock the bitcoins with KEY2. Does this work Yes. or can I just replace the nLockTime in the transaction with 0, so the transaction becomes instantly valid? No. If you replace nLockTime, then the signature is no longer valid. Title: Re: Correct steps for a delayed transaction? Post by: Buffer Overflow on September 10, 2014, 07:15:35 AM I should do some attempts on the testnet before trying out for real. Just in case something goes wrong.
Title: Re: Correct steps for a delayed transaction? Post by: voileipa on November 02, 2014, 02:20:08 PM Hhhm.. the nLockTime is not working.
I created a transaction with locktime = 630000 but it is still included in the blockchain https://blockchain.info/tx/18b598bd76110151d6bea797d3c10bcfdc44454303da6d74fbd3f15c5e851d0a Title: Re: Correct steps for a delayed transaction? Post by: Buffer Overflow on November 02, 2014, 02:55:23 PM Hhhm.. the nLockTime is not working. I created a transaction with locktime = 630000 but it is still included in the blockchain https://blockchain.info/tx/18b598bd76110151d6bea797d3c10bcfdc44454303da6d74fbd3f15c5e851d0a If all TxIn inputs have final (0xffffffff) sequence numbers then locktime is ignored. Title: Re: Correct steps for a delayed transaction? Post by: voileipa on November 02, 2014, 05:43:28 PM Hhhm.. the nLockTime is not working. I created a transaction with locktime = 630000 but it is still included in the blockchain https://blockchain.info/tx/18b598bd76110151d6bea797d3c10bcfdc44454303da6d74fbd3f15c5e851d0a If all TxIn inputs have final (0xffffffff) sequence numbers then locktime is ignored. Thanks for the response. I set the sequence number to 0 and after that my bitcoind didn't broadcast the transaction until the given block height was reached: Code: >./bitcoin-cli sendrawtransaction $SIGNED_RAW_TX After the block height was reached I finally got the transaction in the block chain as expected: https://blockchain.info/tx/d61839fb690395ba638ba804c5af4bf0111ff269ca1e0b251cff737ca6189557 I hope all nodes will relay (now and in future) transactions with custom nLockTimes and sequences! |