What luke-jr writes on this reddit post is worth taking into account
https://www.reddit.com/r/Bitcoin/comments/3kwwal/sentiment_a_message_board_which_uses_bitcoin/cv5m42qThe current system only works with pay-to-pubkey-hash addresses (starting with 1) Given that nearly 10% of all bitcoins are held in p2sh addresses, probably for security reasons, this excludes a lot of coin.
Also it slightly damages the fungibility, because certain bitcoins held in p2pkh can do more things than bitcoins held in p2sh.
It's probably better to reword the site, saying its based on the UTXOs instead of addresses. In bitcoin a UTXO is probably the closest analogy to a "coin". The code can probably stay the same, if a signature works for one UTXO on an address it will work for all others on that address. Then later you extend it to work with p2sh UTXOs.