Transactions are mostly input and output to a number of standard scripts that cover 99% of transactional activity.
A difference occurs in Bitcoin SV between ‘Standard’ and ‘customized’ (previously known as‘Non-Standard’) scripts for transaction inputs and outputs.
The ‘customized’ scripts allow for complex scripts to be added to transactions containing additional functionality for the locking and redeeming process.
There are 5 standard scripts for Bitcoin SV (Referred to in WP1321)
- P2PK – Pay to Public Key
- P2PKH – Pay to Public Key Hash
- P2MS – Pay to MultiSignature
- P2SH – Pay to Script Hash (deprecated with the Genesis upgrade after Feb 4th 2020)
- OP_RETURN – opcode able to contain data
These scripts have been available as locking and redeeming scripts in Bitcoin.
Benefits of Customised scripts
Upgrade to Bitcoin SV Node
(Extracted from WP1321:)
The upgrade to the Bitcoin SV node software (v1.0.0) will introduce a number of consensus changes intended to enable Bitcoin to fulfil its original design as digitally programmable money. This includes lifting several scripting restrictions currently imposed by the network, thereby enabling users to create custom scripts. These changes are being made to enable the Bitcoin SV network to support a range of complex spending conditions and computational capabilities. However, this will be the first time in Bitcoin’s history that restrictive limits imposed on script will be lifted and therefore caution is required to avoid security risks.
The use of non standard scripts allows flexibility in the outputs potentially providing conditionality, enhanced security and computational possibilities. These changes are being made to enable the Bitcoin SV network to support a range of complex spending conditions and computational capabilities activity.
The use of customised scripts should lead to the extension of BSV services. Customizing of scripts should provide tailored services for wallets, subnets and overlays in BSV network.
Customised Scripts under development
Currently, there are three customized scripts under development as defined in WP1321.
- R Puzzle – use of the r component of a digital signature
- Rabin Signature – use of Rabin addresses and signatures (see Rabin Signatures)
- Multi Signature Accumulator – manage multi signature scenarios through conditional scripting instuctions.
Non-standard or customised scripts need to be declared. A registration process is involved. A link with a specific miner may need to be established through a Miner ID.
Other Customised declarations can include:
- Public Key Infrastructure (Root Authority, Certificate Issuer, Certificates, Signatures)
Where authenticating or verification information can be placed within a transaction.
- Use of customized Address Generation
The creation of payment addresses as the transaction output within a script that is non-standard or customised (See WP1322).