Author: Anthony Towns 2016-01-22 09:46:18
Published on: 2016-01-22T09:46:18+00:00
A recent discussion among developers of Bitcoin has revealed that version 0 Segregated Witness (segwit) transactions would be more efficient for pay-to-public-key-hash (p2pkh), with the same security as Bitcoin currently has. The latest segwit code only has version 0 witness format and uses "OP_0 [hash]" to push the version and hash to the script separately, rather than "[0x00 script]" or "[0x01 hash]". Segwit p2pkh needs 31 bytes per output rather than 36 bytes which provides an increase in efficiency by a couple of percent. P2pkh with segwit-via-p2sh is also interesting with numbers almost equal to segwit's efficiency. In the short term, merchants would likely upgrade while customers use non-segwit-aware wallets with a p2sh address that can only be redeemed by a segwit-aware wallet.
Updated on: 2023-05-19T22:32:12.025438+00:00