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judymcconville@roadrunner.com 2017-04-28 11:08:10 -07:00
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@ -632,7 +632,7 @@ Test the encrypted keys in <<table_4-10>> using bitaddress.org to see how you ca
[[p2sh_addresses]]
==== Pay-to-Script Hash (P2SH) and Multisig Addresses
((("keys and addresses", "advanced forms", "pay-to-script hash and multisig addresses")))As we know, traditional bitcoin addresses begin with the number “1” and are derived from the public key, which is derived from the private key. Although anyone can send bitcoin to a “1” address, that bitcoin can only be spent by presenting the corresponding private key signature and public key hash.
((("keys and addresses", "advanced forms", "pay-to-script hash and multisig addresses")))((("pay-to-script hash (P2SH)")))((("multisig addresses")))((("adresses", "multisig addresses")))As we know, traditional bitcoin addresses begin with the number “1” and are derived from the public key, which is derived from the private key. Although anyone can send bitcoin to a “1” address, that bitcoin can only be spent by presenting the corresponding private key signature and public key hash.
Bitcoin addresses that begin with the number “3” are pay-to-script hash (P2SH) addresses, sometimes erroneously called multisignature or multisig addresses. They designate the beneficiary of a bitcoin transaction as the hash of a script, instead of the owner of a public key. The feature was introduced in January 2012 with Bitcoin Improvement Proposal 16, or BIP-16 (see <<appdxbitcoinimpproposals>>), and is being widely adopted because it provides the opportunity to add functionality to the address itself. Unlike transactions that "send" funds to traditional “1” bitcoin addresses, also known as pay-to-public-key-hash (P2PKH), funds sent to “3” addresses require something more than the presentation of one public key hash and one private key signature as proof of ownership. The requirements are designated at the time the address is created, within the script, and all inputs to this address will be encumbered with the same requirements.