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script contains very long public keys. The burden of that extra-large transaction would be borne by the customer in the form of fees. Finally, a large transaction script like this would be carried in the UTXO set in RAM in every full node, until it was spent. All of these issues make using complex output scripts difficult in practice. Pay-to-Script-Hash (P2SH) was developed to resolve these practical difficulties and to make the use of complex scripts as easy as a payment to a bitcoin address. With P2SH payments, the complex locking script is replaced with its digital fingerprint, a crypto‐ graphic hash. When a transaction attempting to spend the UTXO is presented later, it must contain the script that matches the hash, in addition to the unlocking script. In simple terms, P2SH means “pay to a script matching this hash, a script which will be presented later when this output is spent”. In P2SH transactions, the locking script that is replaced by a hash is referred to as the redeem script because it is presented to the system at redemption time rather than as a locking script. Table 5-4. Complex Script without P2SH Locking Script 2 PubKey1 PubKey2 PubKey3 PubKey4 PubKey5 5 OP_CHECKMULTISIG Unlocking Script Sig1 Sig2 Table 5-5. Complex Script as P2SH Redeem Script Locking Script Unlocking Script 2 PubKey1 PubKey2 PubKey3 PubKey4 PubKey5 5 OP_CHECKMULTISIG OP_HASH160 <20-byte hash of redeem script> OP_EQUAL Sig1 Sig2 redeem script As you can see from the tables above, with P2SH the complex script that details the conditions for spending the output (redeem script) is not presented in the locking script. Instead, only a hash of it is in the locking script and the redeem script itself is presented later, as part of the unlocking script when the output is spent. This shifts the burden in fees and complexity from the sender to the recipient (spender) of the transaction. Let’s look at Mohammed’s company, their complex multi-signature script and the re‐ sulting P2SH scripts. First, the multi-signature script that Mohammed’s company uses for all incoming pay‐ ments from customers: 2PDF Image | Mastering Bitcoin
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