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P2SH is not necessarily the same as a multi-signature standard trans‐ action. A P2SH address most often represents a multi-signature script, but it might also represent a script encoding other types of transac‐ tions. Multi-signature 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 multi-sig, where M is equal to or less than N. For example, Bob the coffee shop owner from Chapter 1 could use a multi-signature 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, the web designer paid by Bob to create a website might have a 2-of-3 multi-signature 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 Chapter 5. Vanity Addresses Vanity addresses are valid bitcoin addresses that contain human-readable messages, for example 1LoveBPzzD72PUXLzCkYAtGFYmK5vYNR33 is a valid address that contains the letters forming the word “Love” as the first four Base-58 letters. Vanity addresses require generating and testing billions of candidate private keys, until one derives a bitcoin address with the desired pattern. While there are some optimizations in the vanity generation algorithm, the process essentially involves picking a private key at random, deriving the public key, deriving the bitcoin address and checking to see if it matches the desired vanity pattern, repeating billions of times until a match is found. Once a vanity address matching the desired pattern is found, the private key from which it was derived can be used by the owner to spend bitcoins in exactly the same way as any other address. Vanity addresses are no less or more secure than any other address. They depend on the same Elliptic Curve Cryptography (ECC) and Secure Hash Algo‐ rithm (SHA) as any other address. You can no easier find the private key of an address starting with a vanity pattern than you can any other address. In our first chapter, we introduced Eugenia, a children’s charity director operating in the Philippines. Let’s say that Eugenia is organizing a bitcoin fundraising drive and wants 100 | Chapter 4: Keys, Addresses, WalletsPDF Image | Mastering Bitcoin
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