Author: Thomas Kerin 2015-02-12 21:55:32
Published on: 2015-02-12T21:55:32+00:00
A new Bitcoin Improvement Proposal (BIP) has been drafted by Thomas Kerin, Jean Pierre and Ruben de Vries, describing a method for generating multi-signature transaction scripts. The focus is on defining how public keys should be encoded and sorted so that the redeem script and corresponding pay-to-script-hash (P2SH) address are always the same for a given set of keys and number of required signatures. By standardising this process, wallets can be compliant with BIPXX, achieving interoperability of services and simplifying the derivation of scripts and their addresses by all parties. This is particularly attractive for multisignature hierarchical-deterministic wallets, as less state is required to setup multi-signature accounts: only the number of required signatures and master public keys of participants need to be shared, and all wallets will generate the same addresses. The proposed sorting and encoding standard allows compliant wallets to always produce the same P2SH address for a given set of keys and required signature count, making it easier to recognise transactions involving that multi-signature account.
Updated on: 2023-06-09T17:18:24.586108+00:00