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Edited ch07.asciidoc with Atlas code editor

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nadams 2017-04-24 13:19:57 -07:00
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ch07.asciidoc
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@ -81,7 +81,7 @@ From now on, if you see a multisig unlocking script, you should expect to see an
((("multi-signature scripts","P2SH and", id="ix_ch05-asciidoc17", range="startofrange")))((("Pay-to-script-hash (P2SH)", id="ix_ch05-asciidoc18", range="startofrange")))((("transactions","Pay-to-script-hash", id="ix_ch05-asciidoc19", range="startofrange")))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.
In <<ch01_intro_what_is_bitcoin>> we introduced Mohammed, an electronics importer based in Dubai. Mohammed's company uses bitcoin's multi-signature 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. 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.
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. 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: