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bitcoin network. A limited language prevents the transaction validation mechanism from being used as a vulnerability. Stateless Verification The bitcoin transaction script language is stateless, in that there is no state prior to execution of the script, or state saved after execution of the script. Therefore, all the information needed to execute a script is contained within the script. A script will pre‐ dictably execute the same way on any system. If your system verifies a script, you can be sure that every other system in the bitcoin network will also verify the script, meaning that a valid transaction is valid for everyone and everyone knows this. This predictability of outcomes is an essential benefit of the bitcoin system. Standard Transactions In the first few years of bitcoin’s development, the developers introduced some limita‐ tions in the types of scripts that could be processed by the reference client. These lim‐ itations are encoded in a function called isStandard() which defines five types of “standard” transactions. These limitations are temporary and may be lifted by the time you read this. Until then, the five standard types of transaction scripts are the only ones that will be accepted by the reference client and most miners who run the reference client. While it is possible to create a non-standard transaction containing a script that is not one of the standard types, you must find a miner who does not follow these limitations, to mine that transaction into a block. Check the source code of the bitcoin core client (the reference implementation) to see what is currently allowed as a valid transaction script. The five standard types of transaction scripts are Pay-to-Public-Key-Hash (P2PKH), Public-Key, Multi-Signature (limited to 15 keys), Pay-to-Script-Hash (P2SH) and Data Output (OP_RETURN), which are described in more detail below. Pay to Public Key Hash (P2PKH) The vast majority of transactions processed on the bitcoin network are Pay-to-Public- Key-Hash, also known as P2PKH transactions. These contain a locking script that en‐ cumbers the output with a public key hash, more commonly known as a bitcoin address. Transactions that pay a bitcoin address contain P2PKH scripts. An output locked by a P2PKH script can be unlocked (spent) by presenting a public key and a digital signature created by the corresponding private key. For example, let’s look at Alice’s payment to Bob’s Cafe again. Alice made a payment of 0.015 bitcoin to the Cafe’s bitcoin address. That transaction output would have a locking script of the form: 128 | Chapter 5: TransactionsPDF Image | Mastering Bitcoin
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