Bitcoin: Does a P2PKH transaction send the hash of the uncompressed key or the compressed key?

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The Double-Hashing Debate: Unpacking Bitcoin’s Hashing Mechanism

Bitcoin, the decentralized digital currency, has been shrouded in mystery for its hashing mechanism. One aspect of this mechanism that has piqued the curiosity of enthusiasts is whether a P2PKH (Public Key Hash) transaction sends the uncompressed key hash or the compressed public key. In this article, we’ll delve into the details and explore what is known about Bitcoin hashing.

What is P2PKH?

P2PKH stands for Public-Key-Hashing, a cryptographic technique used in Bitcoin transactions. It allows users to create a unique digital signature that represents their identity and ensures the integrity of the transaction. The public key (also known as the seed) is generated by combining the sender’s identity with the blockchain, while the private key (uncompressed key) is never shared publicly.

Hashing Mechanism

Bitcoin’s hashing mechanism is based on the cryptographic hash function SHA-256 (Secure Hash Algorithm 256). This algorithm takes a large input and produces a fixed-size output that is unique to the input. The resulting hash serves as a fingerprint or signature for each transaction, ensuring its authenticity.

Compressed Key vs. Compressed Key Uncompressed Public Key

In P2PKH transactions, the public key (seed) is typically hashed using SHA-256, producing an uncompressed digital signature. This signature represents the identity of the sender and ensures the integrity of the transaction. When a user sends a transaction to another node on the Bitcoin network, their private key is used to obtain a new hash value for the uncompressed public key. This hash value serves as a cryptographic link between the sender’s private key and the transaction.

However, there are some nuances to this process:

• The compressed public key (P2PKH) itself is not used directly in the hashing mechanism.

• The hash value of the uncompressed public key is used to derive a new hash value for the transaction, which is then sent to the Bitcoin network. This derived hash value serves as confirmation that the transaction was successfully processed and is valid.

The Double Hashing Debate

Some experts argue that the compressed public key should be used directly in the hashing mechanism, rather than having its hash value derived from it. According to this perspective, using both the uncompressed public key (P2PKH) and its hash value would create a double hashing process, which could introduce additional complexity and security risks.

• Advantages of the double-hashing approach:

• Simplifies the hashing mechanism by eliminating the need for additional steps.

• Reduces the risk of information leakage in the event of a compromise or attack.

• Disadvantages of the double-hashing approach:

  

• Requires more complex implementation and can introduce security vulnerabilities if not designed properly.

Conclusion

Bitcoin’s P2PKH hashing mechanism relies on SHA-256 to derive the uncompressed public key (P2PKH) from the sender’s identity. When a user sends a transaction, their private key is used to generate a new hash value for the uncompressed public key, which is then sent to the Bitcoin network as part of the transaction confirmation. While there are arguments both for and against using the compressed public key directly in the hashing mechanism, it remains unclear whether this approach will be adopted.

In short, while Bitcoin’s P2PKH hashing mechanism uses SHA-256 to derive the uncompressed public key (P2PKH) from the sender’s identity, the exact relationship between the two is not explicitly defined. It is essential that developers and security experts stay up to date with the latest research and developments on this topic to ensure the continued security and integrity of the Bitcoin network.