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Transaction Scripts and Script Language Bitcoin clients validate transactions by executing a script, written in a Forth-like script‐ ing language. Both the locking script (encumbrance) placed on a UTXO and the un‐ locking script that usually contains a signature are written in this scripting language. When a transaction is validated, the unlocking script in each input is executed alongside the corresponding locking script to see if it satisfies the spending condition. Today most transactions processed through the bitcoin network have the form “Alice pays Bob” and are based on the same script called a Pay-to-Public-Key-Hash script. However, the use of scripts to lock outputs and unlock inputs means that through use of the programming language, transactions can contain an infinite number of condi‐ tions. Bitcoin transactions are not limited to the “Alice pays Bob” form and pattern. This is only the tip of the iceberg of possibilities that can be expressed with this scripting language. In this section we will demonstrate the components of bitcoins transaction scripting language and show how it can be used to express complex conditions for spending and how those conditions can be satisfied by unlocking scripts. Bitcoin transaction validation is not based on a static pattern, but instead is achieved through the execution of a scripting language. This language allows for a nearly infinite variety of conditions to be ex‐ pressed. This is how bitcoin gets the power of “programmable money”. Script Construction (Lock + Unlock) Bitcoin’s transaction validation engine relies on two types of scripts to validate trans‐ actions — a locking script and an unlocking script. A locking script is an encumbrance placed on an output, and it specifies the conditions that must be met to spend the output in the future. Historically, the locking script was called a scriptPubKey, because it usually contained a public key or bitcoin address. In this book we refer to it as a “locking script” to acknowledge the much broader range of possibilities of this scripting technology. In most bitcoin applications, what we refer to as a locking script will appear in the source code as “scriptPubKey”. An unlocking script is a script that “solves”, or satisfies, the conditions placed on an output by a locking script and allows the output to be spent. Unlocking scripts are part of every transaction input and most of the time they contain a digital signature produced by the user’s wallet from their private key. Historically, the unlocking script is called scriptSig, because it usually contained a digital signature. In this book we refer to it as an “unlocking script” to acknowledge the much broader range of locking script re‐ quirements, as not all unlocking scripts must contain signatures. As mentioned above, Transaction Scripts and Script Language | 123PDF Image | Mastering Bitcoin
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