Timelock
In plain words
A rule that coins (or a key) can only be used after a certain time or block height.
See also
- Lightning NetworkLightning is a payment network built on top of Bitcoin. Two parties lock bitcoin in a shared channel and then pay each other instantly and cheaply off-chain; payments can hop across channels to reach anyone.
- MultisigMultisig means a payment needs several keys out of a set, for example any 2 of 3. Losing one key, or having one stolen, does not lose the coins.
- BitVaultBitVault is an iPhone app for Bitcoin transaction security: configurable delays, cancellation windows and distributed approvals while the user keeps control of the keys.