Bitcoin address script

An Introduction to Bitcoin Script

You can see the above transaction confirmed as txid eeab3ef6cbea5fb1bb8babeb7cde10ae5a7d8a3fa57dca I hope all of that was helpful for anyone trying to understand the innards of the Bitcoin protocol or trying to build multisig applications on top of the raw Bitcoin protocol. If there are any issues or questions about any part of the process, feel free as always to reach out to me on Twitter soroushjp. This has a number of advantages: The sender can fund any arbitrary redeem script without knowing what those spending conditions are.

This makes sense because a sender largely does not care about how their funds will be spent in the future -- this is an issue for the recipient who cares about the conditions of further spending. In the case of multisig transactions, the sender can send funds without knowing the required public keys belonging to the recipient of a multisignature address, which are revealed only when the recipient is spending the funds.

This increases security for the recipient. The sender can use a short, character address like the one above, instead of a long, unwieldy one containing details of a full redeem script. This lets a recipient put up just a short address on their payment page or message, reducing the chance of human errors in transcription. It lowers the transaction fees for the sender of funds. Transaction fees are proportional to the size of a transaction, and a fixed length hash lets the sender send funds to any arbitrary redeem script without worrying about paying higher fees.

It is the responsibility of the recipient who creates the redeem script to determine how large their spending transaction will be and how much it will cost. This is a small issue at the moment since transaction costs are quite small, but they may be more important in the future as block rewards get smaller in Bitcoin. Creating a 2-of-3 multisig P2SH address We will create a 2-of-3 multisignature address, where 2 digital signatures of 3 possible public keys are required to spend funds sent to this address. The redeemScript is added to the stack.

Network settings

A couple of important notes, especially for troubleshooting, on how this raw transaction is created: Ken talks in his post about how there is a temporary scriptSig when signing the raw transaction, before a signature and hence final scriptSig is available. I am yet to find this clearly documented in the protocol specifications anywhere, but I may have just not found it. The only way I figured it out after much pain was by reverse engineering bitcoinjs-lib. However, if the length of the item is greater than 75 bytes, this length would start to look identical to OP codes 76 and up.

Installation

This means that it can take up more than the usual one byte length if needed. For any scriptSig longer than bytes, we can use two bytes by writing 0xfd followed by two bytes specifying the scriptSig length, in little endian format. If it is smaller than bytes, use the usual one byte to store the scriptSig length. This was another painful lesson learned only through repeated tests and reverse engineering bitcoinjs-lib.

See here for the relevant Go code to see exactly what I mean.

Bitcoin multisig the hard way: Understanding raw P2SH multisig transactions

Wrap-up Voila! Happy Holidays and Happy Bitcoining! If someone knows where and how this is specified in the Bitcoin protocol, please reach out, I'd love to understand this better. In the future this might change. This is an early version of the library v0. All script op codes are included. Timelock and non-standanrd transactions are supported.

Currently, a simple node proxy exists to enable easy calls to a Bitcoin core node. Extra functionality will be added continuously and the documentation will be improved as the work progresses. One can currently use the library for experimenting and learning the inner workings of Bitcoin.

It is not meant for production yet and parts of the API might be updated with new versions. Oct 30, Sep 30, Sep 23, Sep 14, May 22, May 20, Apr 3, Jan 23, Jul 25, Apr 11, Mar 31, As a result, P2SH has far more advantages than limitations.

Multisig: The main use case for P2SH is the ability to easily support multi-signature transactions. This can provide extra security for a group of individuals or companies that want to ensure that no one person can move or steal BTC from a shared wallet. Security: Although P2SH transactions usually include a highly complex set of instructions, cryptographic hashing ensures that this script maintains the same level of security as P2PKH.

Easier For Senders : Senders no longer bear the burden of having to write complex logic on behalf of recipients.

Taking up more data on the blockchain tends to create network congestion issues. Single Signatures: P2SH was initially developed to provide a solution for multisig wallets.

Bitcoin transactions

This means that other script types are more commonly used for single signature transactions. You will likely find that these addresses comprise a significant portion of recent transactions. According to txstats. Komodo is a multi-chain blockchain platform that allows every business, startup, and developer to launch an independent Smart Chain.

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If you'd like to learn more about blockchain technology and keep up with Komodo's progress, you can join Komodo's Forum and sign up for the monthly newsletter. Home Tags Authors. Advantages and Limitations of P2SH Payments Because P2SH was developed a few years after the original Bitcoin scripts, developers had the ability to build upon the advantages of earlier designs and create a solution that addressed common transaction limitations of the network. Advantages Multisig: The main use case for P2SH is the ability to easily support multi-signature transactions.

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