At the moment, if you make a payment to someone but they’ve wiped their wallet then the coins are irretrievably lost.
Similarly, if the network is flooded with 0.01 fee transactions and you make an urgent payment but forget to include a higher fee then you can’t reissue that payment backed by the same coins but with a fee.

If you could cause the current block number to be pushed on the stack and do some maths with it then you could implement a payment that must be spent by the recipient before a certain block number is reached or else the script would allow it to be spent again by the sender for example.

I suspect that this would be a very popular transaction mechanic.

ByteCoin

We can’t safely do OP_BLOCKNUMBER.  In the event of a block chain reorg after a segmentation, transactions need to be able to get into the chain in a later block.  The OP_BLOCKNUMBER transaction and all its dependants would become invalid.  This wouldn’t be fair to later owners of the coins who weren’t involved in the time limited transaction.

nTimeLock does the reverse.  It’s an open transaction that can be replaced with new versions until the deadline.  It can’t be recorded until it locks.  The highest version when the deadline hits gets recorded.  It could be used, for example, to write an escrow transaction that will automatically permanently lock and go through unless it is revoked before the deadline.  The feature isn’t enabled or used yet, but the support is there so it could be implemented later.

65,581 total views, 2 views today

https://bitcointalk.org/index.php?topic=1786.msg22119#msg22119