199 - Hashed Time-Locked Contract transactions
BIP: 199 source Layer: Applications Title: Hashed Time-Locked Contract transactions Author: Sean Bowe Daira Hopwood Comments-Summary: No comments yet. Comments-URI: https://github.com/bitcoin/bips/wiki/Comments:BIP-0199 Status: Draft Type: Standards Track Created: 2017-03-27 License: BSD-3-Clause CC0-1.0 Table of ContentsAbstractSummaryInteractionMotivationLightning networkZero-knowledge contingent paymentsImplementationCopyright Abstract This BIP describes a script for generalized off-chain contract negotiation. Summary A Hashed Time-Locked Contract (HTLC) is a script that permits a designated party (the "seller") to spend funds by disclosing the preimage of a hash. It also permits a second party (the "buyer") to spend the funds after a timeout is reached, in a refund situation. The script takes the following form: OP_IF [HASHOP] OP_EQUALVERIFY OP_DUP OP_HASH160 OP_ELSE [TIMEOUTOP] OP_DROP OP_DUP OP_HASH160 OP_...