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| − | =DISCLAIMER=
| + | '''Pay to script hash''' (P2SH) was deprecated as part of the BitcoinSV [[Genesis upgrade]] in February 2020. |
| − | This page is a direct copy of https://en.bitcoin.it/w/Pay_to_script_hash and may require extensive editing
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| | + | ==History of P2SH== |
| | + | P2SH transactions were designed to allow funds to be locked with a script hash. To spend bitcoins locked in a P2SH output, the recipient needed to possess a script matching the script hash and a corresponding set of data which could solve the puzzle. It was introduced as [https://github.com/bitcoin/bips/blob/master/bip-0016.mediawiki BIP-0016]. |
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| | + | P2SH was created after limits and transaction standardisation requirements were introduced, that limited the scope of Bitcoin transactions which could be propagated over the BTC networks to a specific set of templated designs. |
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| | + | P2SH enabled users to create a customised Bitcoin script and hash it into a ~34-character P2SH address. These were most commonly used to manage multisignature wallets that required more than 2 of 3 signature rights as was limited by the isStandard transaction test. Bitcoin P2SH addresses always started with <code>3</code>. |
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| − | | + | == Spending P2SH outputs == |
| − | | + | P2SH outputs remain spendable under network rules however any transactions generated post Genesis using a P2SH output script will be considered invalid by consensus. |
| − | {{infobox miner activated fork|title=Pay to Script Hash
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| − | |bipnumber=[[BIP_0016|BIP 16]]
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| − | |purpose=Allow the recipient of a transaction to specify the redeem script instead of the sender
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| − | |coinbase=/P2SH/
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| − | |starttime=2012-03-08 00:00:00
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| − | |timeout=2012-03-15 00:00:00
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| − | |supermajority=55%
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| − | |activated=Block #173805<br/>2012-04-01 00:00:00
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| − | }}'''Pay to script hash''' (P2SH) transactions were standardised in [[BIP 0016|BIP 16]]. They allow transactions to be sent to a script hash ([[address]] starting with 3) instead of a public key hash (addresses starting with 1). To spend bitcoins sent via P2SH, the recipient must provide a [[script]] matching the script hash and data which makes the script evaluate to true.
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| − | Using P2SH, you can send bitcoins to an address that is secured in various unusual ways without knowing anything about the details of how the security is set up. You just send bitcoins to the ~34-character P2SH address. The recipient might need the signatures of several people to spend these bitcoins, or a password might be required, or the requirements could be completely unique.
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| − | == Addresses ==
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| − | [[BIP 0013|BIP 13]] specifies the address format. Bitcoin P2SH addresses always start with <code>3</code>.
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| − | == Example ==
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| − | Transaction 40eee3ae1760e3a8532263678cdf64569e6ad06abc133af64f735e52562bccc8 paid to P2SH address 3P14159f73E4gFr7JterCCQh9QjiTjiZrG. You can see the redeem script in transaction 7edb32d4ffd7a385b763c7a8e56b6358bcd729e747290624e18acdbe6209fc45 which spends that output, using <code>OP_FALSE <sig> { OP_1 <pubkey> OP_1 OP_CHECKMULTISIG }</code>.
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| − | == History ==
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| − | The first activation window failed and another was set to be active on 1 April 2012, in v0.6.0rc2<ref>[https://github.com/bitcoin/bitcoin/commit/46aa2a6bdd5ec512dd2e364b298e6e73c3e61354 Move BIP16 switchover time to April 1 (gavinandresen)]</ref>. Users running v0.6.0rc1 who did not upgrade for the delay, activated early and got stuck on block 170,060<ref>[https://bitcointalk.org/index.php?topic=63165.msg788832#msg788832 bitcointalk topic 63165]</ref> when an invalid transaction according to their nodes was mined. Later soft fork activation techniques, such as [[BIP 0034|BIP 34]] and [[BIP 0009|BIP 9]], reflect on block history to determine activation (also from miner signaling) in order to prevent this problem.
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| − | After activation problems were then caused by the remaining 45% of miners producing invalid blocks for several months<ref>[https://blog.bitmex.com/bitcoins-consensus-forks/ A Complete History of Bitcoin’s Consensus Forks]</ref>. Later soft fork activation techniques raised the signaling enforcement threshold from 55% to 95% in order to mitigate this problem.
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| − | Testnet activated following its first window, which was two weeks earlier than the first (failed) mainnet window<ref>[https://github.com/bitcoin/bitcoin/commit/8f188ece3c82c4cf5d52a3363e7643c23169c0ff Remove -bip16 and -paytoscripthashtime command-line arguments (gavinandresen)]</ref>.
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| − | 342ftSRCvFHfCeFFBuz4xwbeqnDw6BGUey is a Bitcoin [[address]] notable for being the first [[P2SH]]-compatible address receiving bitcoins on the production network.
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| − | Its payment was mined in [[block]] 160720; note that it was spent prior to the enforcement of [[BIP 0016|BIP 16]], so it's not a good example to understand P2SH.
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| − | ==References==
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Pay to script hash (P2SH) was deprecated as part of the BitcoinSV Genesis upgrade in February 2020.
History of P2SH
P2SH transactions were designed to allow funds to be locked with a script hash. To spend bitcoins locked in a P2SH output, the recipient needed to possess a script matching the script hash and a corresponding set of data which could solve the puzzle. It was introduced as BIP-0016.
P2SH was created after limits and transaction standardisation requirements were introduced, that limited the scope of Bitcoin transactions which could be propagated over the BTC networks to a specific set of templated designs.
P2SH enabled users to create a customised Bitcoin script and hash it into a ~34-character P2SH address. These were most commonly used to manage multisignature wallets that required more than 2 of 3 signature rights as was limited by the isStandard transaction test. Bitcoin P2SH addresses always started with 3.
Spending P2SH outputs
P2SH outputs remain spendable under network rules however any transactions generated post Genesis using a P2SH output script will be considered invalid by consensus.