In the context of Bitcoin, a PKScript (short for "public key script") is a script that is included in a transaction output and specifies the conditions under which the output can be spent. A PKScript typically includes a locking script that encumbers the output with a condition that must be satisfied in order for the funds to be spent, such as providing a digital signature that matches a specified public key. When a transaction attempts to spend the output, it must include an unlocking script that satisfies the conditions specified in the PKScript. PKScripts are a key component of the Bitcoin scripting system, which allows for complex transactions and smart contract functionality to be built on top of the basic Bitcoin protocol.
Discussion
Can you differentiate PkScript,Script Pubkey & SigScript in a layman's term and give example to better understand it?
Certainly, here's an explanation of each of these terms in simple language:
PkScript: This stands for "public key script," and is a type of script used in Bitcoin transactions to determine the conditions under which the funds can be spent. The PkScript is typically part of the output of a transaction, and it defines the requirements that the spender must meet to be able to claim the funds. The PkScript contains information about the type of script used, as well as any conditions or restrictions that must be met.
For example, a PkScript might specify that the funds can only be spent if the spender can provide a valid signature from a specific private key, or if they can provide a specific piece of data that matches a pre-determined hash.
Script Pubkey: This is another name for the PkScript, and is the output script of a Bitcoin transaction that determines the conditions under which the funds can be spent.
SigScript: This stands for "signature script," and is a type of script used in Bitcoin transactions to prove that the spender has the authority to spend the funds in question. The SigScript is typically part of the input of a transaction, and it contains a digital signature and other data that proves that the spender has the right to claim the funds.
For example, a SigScript might contain a signature from a specific private key, along with other data that proves that the signer is the rightful owner of the funds.