It's different options behind the implementation for multisig transactions
Basically, it'll enable cool things. Like the ability to verify a transaction is valid via your phone and Escrow type services.
Topic: What's the reason for the change to bip16/bip17 (Read 855 times)
There is a good explanatory article at bitcoinmedia.com on this issue
http://bitcoinmedia.com/the-truth-behind-bip-16-and-17/#responses
http://bitcoinmedia.com/the-truth-behind-bip-16-and-17/#responses
It enables a wallet controled by two or more keys,
like
(A and B) or
(A and B or C) even
(2 in 3)
As you can imagine, 1 lock with 2keys is much more secure.
this (multisig) is already implemented in the current clients (but doesnt show up in the ui)like
(A and B) or
(A and B or C) even
(2 in 3)
As you can imagine, 1 lock with 2keys is much more secure.
the purpose of the BIPs is to make the address of such transactions shot
currently the address will have to include the entire script, the bips move that script to the sig
It enables a wallet controled by two or more keys,
like
(A and B) or
(A and B or C) even
(2 in 3)
As you can imagine, 1 lock with 2keys is much more secure.
like
(A and B) or
(A and B or C) even
(2 in 3)
As you can imagine, 1 lock with 2keys is much more secure.
BIP16/17 are the replacement for OP_EVAL, which was scrapped.
But basically it will add the capability for multisig transactions, where you could say, send bitcoins from your computer and require it be verified with your phone (so much more secure). The devs all agree better wallet security is needed, certain people don't like the implementation.
But basically it will add the capability for multisig transactions, where you could say, send bitcoins from your computer and require it be verified with your phone (so much more secure). The devs all agree better wallet security is needed, certain people don't like the implementation.
I have found little about why the change is needed. Could someone explain the reason for the change, and please dumb it down.
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