P2SH
A script type where the output is locked to the hash of a redeem script, enabling features like multi-sig.
P2SH pays to the hash of a redeem script stored off-chain until spend time. To spend, the spender reveals the redeem script and provides data that satisfies it.
"Multi-signature wallets often use P2SH so payers don’t need to know the full script, just the address."
Related Terms
Multi Signature
→A type of digital wallet that requires signatures from multiple private keys to authorize transactions.
Unspent Transaction Output (UTXO)
→A fundamental blockchain data structure representing unspent value that can be used in future transactions.
Transaction
→The fundamental unit of data exchange on a blockchain, representing transfers of cryptocurrency or executions of smart contracts.
Address
→A public identifier used to receive cryptocurrency on a blockchain network.
All terms and definitions may update as the Cryptionary improves.
