Timelock / Locktime

In the context of cryptocurrencies, a timelock refers to a mechanism that imposes a predetermined delay before certain actions or transactions can be executed on a blockchain. It is a feature designed to introduce time-based restrictions or conditions on the movement or usage of digital assets.

Timelocks are a useful tool for introducing delays and restrictions to ensure security, accountability, and proper governance within the cryptocurrency ecosystem. They provide an additional layer of control and flexibility to various aspects of blockchain-based systems.