Hash Time Lock Contract Sample Clauses

Hash Time Lock Contract. (HTLC) is a technique of payment in which a depositor can pay a recipient funds by placing them in an escrow state that can be claimed by the recipient only if the latter presents a pre- image of a cryptographic hash function in a transaction. To prevent the funds from being held in escrow for ever, each HTLC has a time limit (a timeout) after which the funds are returned to the depositor. We outline the standard technique of performing a cross chain atomic swap using HTLC in Section 3.1 in the preliminaries.
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Related to Hash Time Lock Contract

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  • WHOLE CONTRACT This Contract constitutes the complete and exclusive statement of the Contract between the parties relevant to the purpose described herein and supersedes all prior agreements or proposals, oral or written, and all other communication between the parties relating to the subject matter of this Contract.

  • Effective Date of the Contract The date indicated on the Contract or as otherwise specified therein.

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