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Mastering Bitcoin

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Mastering Bitcoin ( mastering-bitcoin )

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D74DCCA01CDCA79DCC5C395D7EEC6984D83F1F50C900A24DD47F569FD\ 4193AF5DE762C58704A2192968D8655D6A935BEAF2CA23E3FB87A3495\ E7AF308EDF08DAC3C1FCBFC2C75B4B0F4D0B1B70CD2423657738C0C2B\ 1D5CE65C97D78D0E34224858008E8B49047E63248B75DB7379BE9CDA8\ CE5751D16485F431E46117B9D0C1837C9D5737812F393DA7D4420D7E1\ A9162F0279CFC10F1E8E8F3020DECDBC3C0DD389D99779650421D65CB\ D7149B255382ED7F78E946580657EE6FDA162A187543A9D85BAAA93A4\ AB3A8F044DADA618D087227440645ABE8A35DA8C5B73997AD343BE5C2\ AFD94A5043752580AFA1ECED3C68D446BCAB69AC0BA7DF50D56231BE0\ AABF1FDEEC78A6A45E394BA29A1EDF518C022DD618DA774D207D137AA\ B59E0B000EB7ED238F4D800 5 OP_CHECKMULTISIG The entire script above can instead be represented by a 20-byte cryptographic hash, by first applying the SHA256 hashing algorithm and then applying the RIPEMD160 algo‐ rithm on the result. The 20-byte hash of the above script is: 54c557e07dde5bb6cb791c7a540e0a4796f5e97e A P2SH transaction locks the output to this hash instead of the longer script, using the locking script: OP_HASH160 54c557e07dde5bb6cb791c7a540e0a4796f5e97e OP_EQUAL which, as you can see is much shorter. Instead of “pay to this 5-key multi-signature script”, the P2SH equivalent transaction is “pay to a script with this hash”. A customer making a payment to Mohammed’s company need only include this much shorter lock‐ ing script in their payment. When Mohammed wants to spend this UTXO, they must present the original redeem script (the one whose hash locked the UTXO) and the signatures necessary to unlock it, like this: <2 PK1 PK2 PK3 PK4 PK5 5 OP_CHECKMULTISIG> The two scripts are combined in two stages. First, the redeem script is checked against the locking script to make sure the hash matches: <2 PK1 PK2 PK3 PK4 PK5 5 OP_CHECKMULTISIG> OP_HASH160 OP_EQUAL If the redeem script hash matches, then the unlocking script is executed on its own, to unlock the redeem script: 2 PK1 PK2 PK3 PK4 PK5 5 OP_CHECKMULTISIG Pay-to-Script-Hash Addresses Another important part of the P2SH feature is the ability to encode a script hash as an address, as defined in BIP0013. P2SH addresses are Base58Check encodings of the 20- byte hash of a script, just like bitcoin addresses are Base58Check encodings of the 20- byte hash of a public key. P2SH addresses use the version prefix “5”, which results in Base58Check encoded addresses that start with a “3”. For example, Mohammed’s com‐ plex script, hashed and Base58Check encoded as P2SH address becomes 39RF6JqABiH dYHkfChV6USGMe6Nsr66Gzw. Now, Mohammed can give this “address” to his customers 136 | Chapter 5: Transactions

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