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Changing Winter 2012 to late 2012, since Winter has a different time implications in other countries such as Australia

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Minh T. Nguyen 2014-06-25 22:40:59 -07:00
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@ -382,7 +382,7 @@ A valid transaction can have only one OP_RETURN output. However, a single OP_RET
[[p2sh]]
==== Pay to Script Hash (P2SH)
Pay-to-Script-Hash (P2SH) was introduced in the winter of 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.
Pay-to-Script-Hash (P2SH) was introduced late 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 chapter 1 we introduced Mohammed, an electronics importer based in Dubai. Mohammed's company uses bitcoin's multi-signature feature extensively for its corporate accounts. Multi-signature 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 multi-signature script for all customer payments, known in accounting terms as "accounts receivable" or AR. With the multi-signature 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 multi-signature scheme like that offers corporate governance controls and protects against theft, embezzlement or loss.