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Author Topic: What's the reason for the change to bip16/bip17  (Read 650 times)
Mr.Coin
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January 29, 2012, 09:03:50 AM
 #1

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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BadBear
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January 29, 2012, 09:15:24 AM
 #2

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.

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finway
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January 29, 2012, 09:22:08 AM
 #3

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.


Costia
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January 29, 2012, 09:29:11 AM
 #4

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)
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
intersango
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January 30, 2012, 02:18:00 AM
 #5

There is a good explanatory article at bitcoinmedia.com on this issue

http://bitcoinmedia.com/the-truth-behind-bip-16-and-17/#responses

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Azelphur
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January 30, 2012, 02:28:11 AM
 #6

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.
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