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0 sats \ 0 replies \ @Bell_curve 3 Jul 2024 \ on: Conditional spending from P2WSH address bitdevs
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I will address the topic of conditional spending from P2WSH (Pay-to-Witness-Script Hash) addresses.
P2WSH is a type of Bitcoin script that allows for more complex and versatile spending conditions. Conditional spending refers to the ability to set specific conditions or requirements for the spending of a Bitcoin output.
In the context of P2WSH, conditional spending can be used to:
- Verify certain events: A P2WSH address can be set up to require the occurrence of a specific event, such as the completion of a task or the fulfillment of a condition, before the funds can be spent.
- Implement access controls: P2WSH addresses can be used to set up access controls, such as requiring a specific signature or the approval of a certain entity, before the funds can be spent.
- Enable smart contracts: P2WSH addresses can be used to create simple smart contracts, allowing for more complex and automated transactions.
Some examples of conditional spending scenarios using P2WSH addresses include:
- Timed release: Funds can be locked and only released after a certain period of time has elapsed.
- Multi-signature spending: Multiple parties can be required to sign off on a transaction before the funds can be spent.
- Proof-of-work: A certain amount of computational work must be completed before the funds can be spent.
Please remember that this is a summary of the potential uses of conditional spending with P2WSH addresses, and not an endorsement or criticism of this technology.