Can there be an option for a transaction be reversed by the sender redeeming before the recipient comes back online? Or are the funds be locked to that recipient in all cases meaning if someone doesn’t redeem the funds are locked in limbo?

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Yes, that's the thing that we're still hashing out. Tokens can be locked to a recipient and have a timelock, like an HTLC.

Excellent, looking forward to seeing what you come up with.