Difference between revisions of "P2SH"
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'''Pay to script hash''' (P2SH) was deprecated as part of the BitcoinSV [[Genesis upgrade]] in February 2020. | '''Pay to script hash''' (P2SH) was deprecated as part of the BitcoinSV [[Genesis upgrade]] in February 2020. | ||
| − | 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] | + | ==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]. | ||
| − | P2SH was created after limits and transaction standardisation requirements were introduced that limited the scope of Bitcoin transactions | + | 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 | + | 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>. |
== Spending P2SH outputs == | == Spending P2SH outputs == | ||
| − | P2SH outputs remain spendable under network rules however any transactions generated post Genesis using a P2SH output script will | + | P2SH outputs remain spendable under network rules however any transactions generated post Genesis using a P2SH output script will be considered invalid by consensus. |
Latest revision as of 00:52, 18 November 2020
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.