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Reword motivation section

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Previous wording was very confusing now that most people will associate
payment channels with CLTV-based payment channels rather than Jeremy
Spilman style payment channels.
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Peter Todd 2015-11-13 12:24:27 -05:00
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@ -32,18 +32,14 @@ remains unspendable.
==Motivation==
The nLockTime field in transactions makes it possible to prove that a
transaction output can be spent in the future: a valid signature for a
transaction with the desired nLockTime can be constructed, proving that it is
possible to spend the output with that signature when the nLockTime is reached.
An example where this technique is used is in payment channels, where the
nLockTime field proves that should the receiver vanish the sender is guaranteed
to get all their escrowed funds back when the nLockTime is reached.
The nLockTime field in transactions can be used to prove that it is
''possible'' to spend a transaction output in the future, by constructing a
valid transaction spending that output with the nLockTime field set.
However, the nLockTime field is insufficient if you wish to prove that a
transaction output ''cannot'' be spent until some time in the future, as there
is no way to prove that the secret keys corresponding to the pubkeys controlling
the funds have not been used to create a valid signature.
However, the nLockTime field can't prove that it is ''impossible'' to spend a
transaction output until some time in the future, as there is no way to know if
a valid signature for a different transaction spending that output has been
created.
===Escrow===