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I heard that Counterparty cannot handle lock time, but I cannot understand why.

What will happen when we use nLockTime in a transaction which includes Counterparty transactions?

  • I had a question about Counterparty a few months ago and asked it here, but no one here seemed to know the answer. I asked on the counterparty announcement Bitcointalk thread and got a response within a few hours, though. You might try the same. Too bad we can't get some of their devs using Bitcoin SE. – morsecoder Apr 5 '15 at 3:46
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Disclosure: I work for Coinprism.

Counterparty uses the Blockchain for timestamping only. It doesn't use it as a ledger since it builds it's own "parallel" ledger.

As a result most advanced functionality of the Bitcoin ledger can't work on Counterparty:

If you want to be able to use all bitcoin features out of the box, you need to look at colored coins.

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nLockTime can in fact be used by meta-protocols (e.g. Counterparty, Mastercoin) because nLockTime simply decides when a transaction can be mined.

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The first "answer" didn't explain why nLockTime can't work (too superficial), and it also claims without substantiating it that Payment Channels can't work although Storj is working on a payment channels implementation for Counterparty and you can run it on testnet today: https://github.com/F483/picopayments-cli-python#testing-guide. (There's a separate repo for the hub, for those who want to run a hub.)

I would say it's more likely than not that Counterparty will be able to work with nLockTime (if a transaction can't be mined, it can be ignored by Counterparty until after it can).

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