who might not know you basically just give it some public keys, choose the required number of signatures and then it spits out a new wallet address and a redeem script. P2SH Advantages edit This puts the responsibility of providing the full redeem script on to the recipient of the P2SH funds. This is a small issue at the moment since transaction costs are quite small, but they may be more important in the future as block rewards get smaller in Bitcoin. Alice can now then create a P2SH-style output containing Bobs redeem script hash. Command: decodescript, notes: The decodescript, rPC decodes a hex-encoded P2SH redeem script. A common implementation of the P2SH function is the multi-signature address script. 1.0m Members4.6k Online, a community dedicated to Bitcoin, the currency of the Internet.
Bitcoin redeem script
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This hash derives from a redeem script, which functions similarly to the PubKey Script in that it too also contains conditions that must be satisfied before the output can be spent. This increases security for the recipient. A specific unspent Bitcoin can actually have a whole range of different spending conditions attached to it, the most common being a typical P2PKH which just requires the recipient to provide a signature matching the public key hash. A Pay-to-Script Hash (P2SH) Bitcoin address looks and works quite differently. You just send bitcoins to the 34-character P2SH address. The sender can use a short, 34-character address like the one above, instead of a long, unwieldy one containing details of a full redeem script. It seems to me that the redeem script is sort of overlooked (or at least under-talked-about) as a very important component to a multisig wallet, and you should be as careful about backing it up as your private keys (with the difference being that the. Bitcoin Core 's developers realized that people were looking at the capabilities of Bitcoin's Script language and seeing a whole array of possibilities about what spending conditions you could attach to a Bitcoin output, to create much more elaborate transactions than just P2PKH transactions. Its payment was mined in block 160720; note that it was spent prior to the enforcement of BIP 16, so it's not a good example to understand P2SH. A web based interface to the Bitcoin API json-RPC.
This makes sense because a sender largely does not care about how their funds will be spent in the future this is an issue for the recipient who cares about the conditions of further spending. I made 3 paper wallets and used their public keys to make the multisig. It lowers the transaction fees for the sender of funds.