Hash Time-Locked Contracts are smart contracts utilized to increase the safety of trustless over-the-counter transactions across blockchains. Used on atomic swaps and Bitcoin′s lightning network, HTLCs reduce risk by ensuring that transactions are time-bound.
These contracts state that both parties must recognize the stated payment within a specific timeframe for the transaction to be valid. If either party does not verify the payment within the set time, the exchange is canceled.
Q: What is a Hash Timelock Contracts (HTLC)?
A: is a type of smart contract used in blockchain applications. It reduces counterparty risk by creating a time-based escrow that requires a cryptographic passphrase for unlocking.
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