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Edited ch07.asciidoc with Atlas code editor

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nadams 2017-05-18 12:09:49 -07:00
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@ -81,7 +81,7 @@ From now on, if you see a multisig unlocking script, you should expect to see an
((("transactions", "advanced", "Pay-to-Script-Hash")))((("scripting", "Pay-to-Script-Hash", id="Spay07")))Pay-to-Script-Hash (P2SH) was introduced in 2012 as a powerful new type of transaction that greatly simplifies the use of complex transaction scripts. To explain the need for P2SH, let's look at a practical example.
((("import/export use case")))((("use cases", "import/export")))((("scripting", "Pay-to-Script-Hash", "import/export example")))((("Pay-to-Script-Hash (P2SH)", "import/export example")))In <<ch01_intro_what_is_bitcoin>> we introduced Mohammed, an electronics importer based in Dubai. Mohammed's company uses bitcoin's multisignature feature extensively for its corporate accounts. Multisignature scripts are one of the most common uses of bitcoin's advanced scripting capabilities and are a very powerful feature. ((("accounts receivable (AR)")))Mohammed's company uses a multisignature script for all customer payments, known in accounting terms as "accounts receivable," or AR. With the multisignature scheme, any payments made by customers are locked in such a way that they require at least two signatures to release, from Mohammed and one of his partners or from his attorney who has a backup key. A multisignature scheme like that offers corporate governance controls and protects against theft, embezzlement, or loss.
((("import/export use case")))((("use cases", "import/export", id="mohamseven")))((("scripting", "Pay-to-Script-Hash", "import/export example")))((("Pay-to-Script-Hash (P2SH)", "import/export example")))In <<ch01_intro_what_is_bitcoin>> we introduced Mohammed, an electronics importer based in Dubai. Mohammed's company uses bitcoin's multisignature feature extensively for its corporate accounts. Multisignature scripts are one of the most common uses of bitcoin's advanced scripting capabilities and are a very powerful feature. ((("accounts receivable (AR)")))Mohammed's company uses a multisignature script for all customer payments, known in accounting terms as "accounts receivable," or AR. With the multisignature scheme, any payments made by customers are locked in such a way that they require at least two signatures to release, from Mohammed and one of his partners or from his attorney who has a backup key. A multisignature scheme like that offers corporate governance controls and protects against theft, embezzlement, or loss.
The resulting script is quite long and looks like this:
@ -156,7 +156,7 @@ If the redeem script hash matches, the unlocking script is executed on its own,
<Sig1> <Sig2> 2 PK1 PK2 PK3 PK4 PK5 5 CHECKMULTISIG
----
Almost all the scripts described in this chapter can only be implemented as P2SH scripts. They cannot be used directly in the locking script of a UTXO.
Almost all the scripts described in this chapter can only be implemented as P2SH scripts. They cannot be used directly in the locking script of a UTXO.((("", startref="mohamseven")))
==== P2SH Addresses