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Merge pull request #784 from rating89us/patch-24

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ch04: fix multisig explanation
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Will Binns 2021-02-20 11:01:11 +00:00 committed by GitHub
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@ -649,7 +649,7 @@ P2SH is not necessarily the same as a multisignature standard transaction. A P2S
===== Multisignature addresses and P2SH
Currently, the most common implementation of the P2SH function is the multi-signature address script. As the name implies, the underlying script requires more than one signature to prove ownership and therefore spend funds. The bitcoin multi-signature feature is designed to require M signatures (also known as the “threshold”) from a total of N keys, known as an M-of-N multisig, where M is equal to or less than N. For example, Bob the coffee shop owner from <<ch01_intro_what_is_bitcoin>> could use a multisignature address requiring 1-of-2 signatures from a key belonging to him and a key belonging to his spouse, ensuring either of them could sign to spend a transaction output locked to this address. This would be similar to a “joint account” as implemented in traditional banking where either spouse can spend with a single signature. Or Gopesh,((("use cases", "offshore contract services"))) the web designer paid by Bob to create a website, might have a 2-of-3 multisignature address for his business that ensures that no funds can be spent unless at least two of the business partners sign a transaction.
Currently, the most common implementation of the P2SH function is the multi-signature address script. As the name implies, the underlying script requires a minimum number of signatures to prove ownership and therefore spend funds. The bitcoin multi-signature feature is designed to require M signatures (also known as the “threshold”) from a total of N keys, known as an M-of-N multisig, where M is equal to or less than N. For example, Bob the coffee shop owner from <<ch01_intro_what_is_bitcoin>> could use a multisignature address requiring 1-of-2 signatures from a key belonging to him and a key belonging to his spouse, ensuring either of them could sign to spend a transaction output locked to this address. This would be similar to a “joint account” as implemented in traditional banking where either spouse can spend with a single signature. Or Gopesh,((("use cases", "offshore contract services"))) the web designer paid by Bob to create a website, might have a 2-of-3 multisignature address for his business that ensures that no funds can be spent unless at least two of the business partners sign a transaction.
We will explore how to create transactions that spend funds from P2SH (and multi-signature) addresses in <<transactions>>.