What role does P2WSH play in preventing transaction malleability in digital currencies?
Akhil CMay 07, 2022 · 3 years ago3 answers
Can you explain the role of P2WSH (Pay-to-Witness-Script-Hash) in preventing transaction malleability in digital currencies?
3 answers
- May 07, 2022 · 3 years agoP2WSH plays a crucial role in preventing transaction malleability in digital currencies. It is a type of transaction output script that requires the spender to provide a witness script that matches the script hash. This ensures that the transaction cannot be modified without invalidating the witness script, thus preventing malleability.
- May 07, 2022 · 3 years agoTransaction malleability refers to the ability to modify the transaction ID without changing its validity. P2WSH addresses this issue by separating the witness data from the transaction ID, making it impossible to modify the transaction ID without invalidating the witness data. This enhances the security and integrity of digital currencies.
- May 07, 2022 · 3 years agoP2WSH is an important feature in preventing transaction malleability. It is widely adopted by various digital currencies, including Bitcoin. By separating the witness script from the transaction ID, P2WSH ensures that any modification to the transaction will result in an invalid witness script, preventing malleability attacks. This feature enhances the reliability and trustworthiness of digital currency transactions.
Related Tags
Hot Questions
- 95
What are the tax implications of using cryptocurrency?
- 74
How can I minimize my tax liability when dealing with cryptocurrencies?
- 59
How can I protect my digital assets from hackers?
- 52
Are there any special tax rules for crypto investors?
- 41
How can I buy Bitcoin with a credit card?
- 29
What is the future of blockchain technology?
- 26
What are the advantages of using cryptocurrency for online transactions?
- 19
How does cryptocurrency affect my tax return?