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Edited ch07.asciidoc with Atlas code editor

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judymcconville@roadrunner.com 2017-05-01 10:31:14 -07:00
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@ -79,7 +79,7 @@ From now on, if you see a multisig unlocking script, you should expect to see an
[[p2sh]]
=== Pay-to-Script-Hash (P2SH)
((("transactions", "advanced", "Pay-to-Script-Hash")))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.
((("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.
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.
@ -183,7 +183,7 @@ As of version 0.9.2 of the Bitcoin Core client, P2SH transactions can contain an
Note that you are not able to put a P2SH inside a P2SH redeem script, because the P2SH specification is not recursive. While it is technically possible to include +RETURN+ in a redeem script, as nothing in the rules prevents you from doing so, it is of no practical use because executing +RETURN+ during validation will cause the transaction to be marked invalid.
Note that because the redeem script is not presented to the network until you attempt to spend a P2SH output, if you lock an output with the hash of an invalid redeem script it will be processed regardless. The UTXO will be successfully locked. However, you will not be able to spend it because the spending transaction, which includes the redeem script, will not be accepted because it is an invalid script. This creates a risk, because you can lock bitcoin in a P2SH that cannot be spent later. The network will accept the P2SH locking script even if it corresponds to an invalid redeem script, because the script hash gives no indication of the script it represents.
Note that because the redeem script is not presented to the network until you attempt to spend a P2SH output, if you lock an output with the hash of an invalid redeem script it will be processed regardless. The UTXO will be successfully locked. However, you will not be able to spend it because the spending transaction, which includes the redeem script, will not be accepted because it is an invalid script. This creates a risk, because you can lock bitcoin in a P2SH that cannot be spent later. The network will accept the P2SH locking script even if it corresponds to an invalid redeem script, because the script hash gives no indication of the script it represents.((("", startref="Spay07")))
[WARNING]
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