In Bitcoin, miners must find a numeric solution to the SHA256 algorithm that meets a network-wide target, called the difficulty target.
See _Bitcoin mining_ for more information.
PTLC::
A PTLC is the short form for Point Timelock contract. Similar to an HTLC it is a Bitcoin script that allows a conditional spend either on the presentation of a secret or after a certain blockheight has passed. The secret in PTLCs does not depend on a preimage of a hash function but rather on the private key from an elliptic curve point. The security assumption is thus based on the discret logarithm. PTLCs are not yet used on the Lightning Network.
Point Time-Locked Contract (PTLC)::
A Point Time-Locked Contract (PTLC) is a Bitcoin Script that allows a conditional spend either on the presentation of a secret or after a certain blockheight has passed, similar to an HTLC. Unlike HTLCs, PTLCs do not depend on a preimage of a hash function but rather on the private key from an elliptic curve point. The security assumption is thus based on the discrete logarithm. PTLCs are not yet implemented on the Lightning Network.
Relative Timelock::
Relative Timelock is a type of timelock which allows an input to specify the earliest time the input can be added to a block. The time is relative and is based on when the output referenced by that input was included in a block. Such a feature is jointly achieved by nSequence field and CheckSequenceVerify opcode, which was introduced by BIP68/112/113.
Revocable Sequence Maturity Contract::
Revocable Sequence Maturity Contract (RSMC)::
This contract is used to construct a payment channel between two Bitcoin or Lightning Network users who do not need to trust each other.
The name comes from a sequence of states which are encoded as commitment transactions and can be revoked if wrongfully published and mined by the Bitcoin network.
These contracts are commonly referred to as RSMCs.
The secret number that unlocks bitcoin sent to the corresponding address. pass:[<span class="keep-together">A secret</span>] key looks like the following:
The second number (2 bytes) is the index of the funding transaction with the blocks.
The last number (2 bytes) is the transaction output.
simplified payment verification (SPV)::
Simplified Payment Verification (SPV)::
SPV or simplified payment verification is a method for verifying particular transactions were included in a block without downloading the entire block. The method is used by some lightweight Bitcoin clients.
source-based routing::
@ -497,7 +496,7 @@ transport layer::
In computer networking, the transport layer is a conceptual division of the methods used by computers (and ultimately applications) to talk to each other.
The transport layer provides communication services between computers such as flow control, verification, and multiplexing (to allow multiple applications to work on a computer at the same time).
unspent transaction output (UTXO)::
Unspent Transaction Output (UTXO)::
See _output_
wallet::
@ -511,4 +510,4 @@ watchtower::
Watchtowers can be run by the channel partners themselves, or as a paid service offered by a third party.
Watchtowers have no control over the funds in the channels themselves.
Some contributed definitions have been sourced under a CC-BY license from the https://en.bitcoin.it/wiki/Main_Page[Bitcoin Wiki], https://en.wikipedia.org[Wikipedia], https://github.com/bitcoinbook/bitconbook[Mastering Bitcoin] or from other open source documentation sources.
Some contributed definitions have been sourced under a CC-BY license from the https://en.bitcoin.it/wiki/Main_Page[Bitcoin Wiki], https://en.wikipedia.org[Wikipedia], https://github.com/bitcoinbook/bitconbook[Mastering Bitcoin] or from other open-source publications.
Andreas M. Antonopoulos
3 years ago