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Title: What's the reason for the change to bip16/bip17 Post by: Mr.Coin on January 29, 2012, 09:03:50 AM I have found little about why the change is needed. Could someone explain the reason for the change, and please dumb it down.
Title: Re: What's the reason for the change to bip16/bip17 Post by: BadBear on January 29, 2012, 09:15:24 AM 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. Title: Re: What's the reason for the change to bip16/bip17 Post by: finway on January 29, 2012, 09:22:08 AM 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. Title: Re: What's the reason for the change to bip16/bip17 Post by: Costia on January 29, 2012, 09:29:11 AM It enables a wallet controled by two or more keys, 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 Title: Re: What's the reason for the change to bip16/bip17 Post by: intersango on January 30, 2012, 02:18:00 AM There is a good explanatory article at bitcoinmedia.com on this issue
http://bitcoinmedia.com/the-truth-behind-bip-16-and-17/#responses Title: Re: What's the reason for the change to bip16/bip17 Post by: Azelphur on January 30, 2012, 02:28:11 AM 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. |