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Can you describe the role of "timelock contracts" in enabling conditional transactions on the Bitcoin network?

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Timelock contracts play a significant role in enabling conditional transactions on the Bitcoin network by allowing users to set specific conditions under which a transaction can be executed. These contracts contain time-based constraints that restrict when a transaction can be completed, enabling more complex and secure transaction types. By incorporating timelock contracts, users can create transactions that are only valid after a certain period of time or under specific conditions, enhancing the flexibility and functionality of transactions on the Bitcoin network.
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