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and they can use almost any bitcoin wallet to make a simple payment, as if it were a bitcoin address. The 3 prefix gives them a hint that this is a special type of address, one corresponding to a script instead of a public key, but otherwise it works in exactly the same way as a payment to a bitcoin address. P2SH addresses hide all of the complexity, so that the person making a payment does not see the script. Benefits of Pay-to-Script-Hash The Pay-to-Script-Hash feature offers the following benefits compared to the direct use of complex scripts in locking outputs: • Complex scripts are replaced by shorter fingerprint in the transaction output, mak‐ ing the transaction smaller • Scripts can be coded as an address, so the sender and the sender’s wallet don’t need complex engineering to implement P2SH • P2SH shifts the burden of constructing the script to the recipient not the sender • P2SH shifts the burden in data storage for the long script from the output (which is in the UTXO set and therefore impacts memory) to the input (only stored on the blockchain) • P2SH shifts the burden in data storage for the long script from the present time (payment) to a future time (when it is spent) • P2SH shifts the transaction fee cost of a long script from the sender to the recipient who has to include the long redeem script to spend it Redeem Script and isStandard Validation Prior to version 0.9.2 of the Bitcoin Core client, Pay-to-Script-Hash was limited to the standard types of bitcoin transaction scripts, by the isStandard() function. That means that the redeem script presented in the spending transaction could only be one of the standard types: P2PK, P2PKH or Multi-Sig, excluding OP_RETURN and P2SH itself. As of version 0.9.2 of the Bitcoin Core client, P2SH transactions can contain any valid script, making the P2SH standard much more flexible and allowing for experimentation with many novel and complex types of transactions. Note that you are not able to put a P2SH inside a P2SH redeem script, because the P2SH specification is not recursive. You are also still not be able to use OP_RETURN in a redeem script because OP_RETURN cannot be redeemed by definition. Note that since the redeem script is not presented to the network until you attempt to spend a P2SH output, if you lock an output with the hash of an invalid transaction it Standard Transactions | 137PDF Image | Mastering Bitcoin
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