You get to say what happens to the funds if you can make the program return “TRUE. If you can’t, then chances are you don’t.

You get to say what happens to the funds if you can make the program return “TRUE. If you can’t, then chances are you don’t.

So, You do:

Your wallet software writes a little computer program for you and then sends it into the bitcoin network when you want to spend your money, here’s what. It effortlessly claims to your system: “Please run this little system I’ve simply offered you. Then please locate a scheduled program(“smart contract”? ) on the working platform with this particular ID for me personally. You just located” when you’ve done that, feed the output from my program into program. And this is a two action process: you offer your personal small system… in addition to production of this is given to your UTXO program you want to pay.

The manner in which you spend some money in Bitcoin is always to ask the working platform to operate a tiny computer system which you provide and feed the production of the system towards the “smart contract” that is saving the funds you need to invest. If you’re able to get this to second system run effectively, you can invest the amount of money. The program you provide is “scriptSig” and the UTXO program is “scriptPubKey” in Bitcoin terminology. Your objective is always to offer a “scriptSig” whose production may be fed into “scriptPubKey” to really make it get back “TRUE”

What exactly are these programs that are little? They’re really simple in the common case. The “UTXO program” just claims: “provide me personally by having a signature that is digital demonstrates you own the key from the following Bitcoin target (and please additionally demonstrate that you understand the general general general public key that corresponds to your bitcoin target)”. That’s why it is called the “scriptPubKey”.

While the system you offer is an approach to make sure the bitcoin system delivers this evidence in to the scriptPubKey system when you look at the right means. It’s an easy method of supplying a digital signature.