Ethereum: Beginners guide for P2SH vote – Explained in simple terms
As Bitcoin continues to evolve and improve, a heated debate appeared among the community members. The problem at hand refers to voting if the implementation of a specific change in the Ethereum blockchain, known as P2sh (segregated transfers with private key). In this article, we will break down what is P2SH, why it is relevant and we will provide an explanation of the voting process.
What is p2sh?
P2SH represents segregated transfers with private key. It is a feature introduced by Ethereum in 2017 to address security issues related to private key management. In traditional bitcoin, each transaction requires two separate transactions: one for the sender (expenses from its own funds) and another for the recipient (receiving funds). P2SH eliminates this duplication by storing all the necessary information about the user’s private keys in a single transaction.
Think about it like sending someone’s money. Instead of writing the entire wallet address, you must remember only a main address (your public key), then create smaller transactions (called “maps”) that indicate specific private keys. This reduces the risk of losing or hacking a whole wallet.
Why is P2sh important?
The introduction of P2SH has made significant improvements to the security, scalability and experience of the user Bitcoin. Here are some reasons why it is essential:
* Reduced transaction fees : By the fact that it does not require more transactions for each private key, the cost of sending funds to Ethereum decreases.
* Increased security
: All relevant information about a user’s private keys is stored in a single transaction, reducing the risk of data loss or hacking.
* Best wallet management : With P2SH, users can handle their wallets more easily and follow more public addresses.
voting process
Now that we have covered what is P2sh and why it is important, let’s talk about how the community votes if it will implement this change in Ethereum. Here is a simplified overall image:
- proposal
: An individual or group proposes an update to the Ethereum code, which includes implementation of P2SH.
- Discussion : The proposal is discussed and debated by the community on various forums, such as BitcoinTalk.
- Voting : Users can vote if they support or oppose the proposed change using a simple da-or-no system (yes for “yes, implement p2sh”, not for “no, do not implement P2sh”)
- Result : The results of the vote are reduced to determine if the proposal has obtained sufficient support.
Conclusion
In conclusion, P2SH is an essential feature in Ethereum that addresses security issues and improves the user experience. Understanding what the community votes on its implementation is, users can better appreciate the importance of this technology. As the community continues to discuss and debate, we will see if P2SH will be implemented or not.
Stay informed and happy voting!
