Ultimate Guide to Hashed TimeLock Contract (HTLC)Contract (HTLC)
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The HTLC feature is applied in both bidirectional and routed payment channels to allow the secure transfers of funds over various channels, without requiring trust on any of the intermediaries.
There are two key elements which distinguish HTLC from standard cryptocurrency transactions, which are:
- Hashlock: a function that restricts the spending of funds until a certain piece of data is publicly disclosed (as a cryptographic proof). Such proof may also be referred to as the pre-image of the hashlock. The pre-image is simply the piece of information that is used to generate the hashlock, and to later unlock its funds.
- Timelock: is a function that restricts the spending of funds until a specific time (or block height) in the future. It can be achieved in Bitcoin, for example, using functions like CheckLockTimeVerify or CheckSequenceVerify.
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