Buying hash Kep

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Buying hash Kep

This hash acts as the address to which the sender will transfer the bitcoin. This address is what you commonly see and use in Bitcoin transactions. Additionally, the use of addresses makes transactions more user-friendly, as addresses are shorter than public keys. P2PKH is a type of ScriptPubKey that specifies that these bitcoin can only be spent by presenting a public key that matches the hash and a signature created by the corresponding private key. A public key hash is also known as an address, and P2PKH is the most common script type at present. P2PKH is similar to P2PK transactions, except that the bitcoin is locked to the hash of the public key rather than the public key itself. Related Terms. Bitcoin Script. Script is intentionally limited in order to maintain Bitcoin's simplicity and ensure that any individual can run a node and validate the blockchain. Learn more. A transaction exists as a record of the transfer of bitcoin from one address to another. All transactions are recorded in blocks on the blockchain. The ScriptPubKey is a script which controls how bitcoin can be spent. This means that the bitcoin can only be spent by the owner of the private key corresponding to the public key provided. Buy Bitcoin instantly with River today. Buy Bitcoin.

Public Key Hash

Buying hash Kep

A public key hash is the hash of a public key. So no surprises there. Hashing produces shortened version of the public key , which ultimately means you can create a shorter address that is easier to share with other people. A public key hash is the HASH of a public key. This is smaller than the original public key 65 bytes uncompressed , 33 bytes compressed. This means that the eventual address we create from it will contain fewer characters than a full public key , making it easier to pass around. The main reason for hashing a public key is so that it can be shortened before converting it to an address. So when someone sends bitcoins to our address using a wallet, they're actually locking an output to our public key hash rather than our full public key :. When we come to spend these bitcoins in a future transaction, we then provide the original public key along with a signature inside the unlocking code for the input :. So basically, using a public key hash adds an extra step when it comes to locking and unlocking bitcoins, but the tradeoff is that we get to use shorter addresses. Here are some examples of public key hashes within raw transactions in the blockchain. Transaction: 6f7cff1c2dfb3c4d5dcdbbce3faae The full public key is then revealed in the ScriptSig when this output is used as an input in a spending transaction:. Transaction: 12eef5cca6eee2caa7fcaeaa6b59b69ea6. Transaction: cd8dacdfbf9d4faedcd54adc3e61e75c5e3ac15a83a. Note: This transaction also has second P2WPKH output containing another public key hash , but I've only highlighted the first one as an example. The full public key is then revealed in the Witness when this output is used as an input in a spending transaction:. Transaction: a2b5cb6c7ea39efeef5dc9efa91ed34a6. Because that how Satoshi chose to make addresses work in the first release of Bitcoin. I believe it was most likely because Satoshi was not aware that you could use compressed public keys 33 bytes instead of 65 bytes , so hashing the public key was a way to create a much shorter address that you could share with other people. So maybe if Satoshi was familiar with the existence of compressed public keys , we would have addresses for the simpler P2PK locking script type instead, and P2PKH would not be required. An alternative theory is that using the hashing the public key provides an extra layer of security. For example, if we give away our public key directly when we want to receive bitcoins, the 'only' thing protecting you from attackers trying to get to your private key is the elliptic curve. However, if we give out a public key hash instead, attackers would have to crack both the RIPEMD and SHA hash functions , as well as deal with the elliptic curve problem. So basically, whilst you have bitcoins sitting in the blockchain, the hash functions act as extra hurdles that attackers must jump over to try and get to our private key and steal our bitcoins. Thanks to the properties of elliptic curve multiplication , it's impossibly difficult to work backwards from a public key to a private key. This is known as the 'elliptic curve discrete logarithm problem'. However, if by some miracle this problem is solved, there are still two different hash functions to fall back on to protect our private key. But in this system your public key is only given away at the last moment when you come to spend your bitcoins. The theory is that if someone wants to crack your private key , they will have a small amount of time to do it before your transaction propagates the network and gets mined in to a block. Therefore, this is more secure than leaving your raw public key exposed from the start. It would certainly be easier if we didn't use public key hashes at all and just used public keys instead. This would mean that we could just use the simpler P2PK locking script, rather than having to use the extra step involved in P2PKH and P2WPKH where we lock an output to a public key hash first, and then provide the original public key later on. However, Satoshi had users in mind when developing bitcoin, and they felt that shortening the public key as much as possible before converting to an address would be more user-friendly, so that's why we still continue to use public key hashes throughout Bitcoin today. So having slightly more complex locking scripts by using public key hashes instead of just public keys is the tradeoff for getting shorter addresses. It's a bit unnecessary in retrospect, but if you've managed to design and code a revolutionary decentralized electronic payment system all by yourself, I guess you can be forgiven for hashing something when you don't really need to. In conclusion, creating a public key hash is pretty straightforward, and when you understand the reason behind shortening the public key in the first place, the design of P2PKH and P2WPKH make much more sense. Search Website. Public Key. Address Base

Buying hash Kep