Hash Time-Locked Contracts (HTLC) - Ciphertrace

Hash Time-Locked Contracts (HTLC)

HTLCs require the recipient of payment to acknowledge their reception of payment prior to a deadline by generating a cryptographic proof of payment. If they do not do this, they risk losing the rights to claim payment, which would return the payment back to the sender.

Note: These are non-technical definitions meant for a general audience and should not be used as legal definition