What is a partial Signed Bitcoin Transaction (PSBT)?

23-03-09 12:54
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原文标题:《 什么是「部分签名的比特币交易(PSBT)」? 》
原文作者:River Financial
Original source: BTCStudy


What is a partial Signed Bitcoin Transaction (PSBT)?


PSBT is a Bitcoin standard that facilitates the transfer of unsigned transactions; The standard makes it easier for multiple parties to sign the same transaction.


The PSBT standard defines a precise format for transmitting Bitcoin transactions. The format can carry metadata about a transaction, making it easier for signers to sign and verify the transaction. The standard also defines a signature merge and transaction finalization process, so multiple parties can sign the same transaction in parallel and then combine the corresponding PSBTS to form a fully signed transaction.



What is the use of PSBT?


PSBTS offer many benefits to the Bitcoin community, as well as simplifying previously complex protocols and making them easier to verify.


Interoperability. PSBT is designed to enhance the interoperability between wallets and other Bitcoin software, making it easier for transactions to travel between wallets and nodes. PSBT has largely been a success, supported by all major wallet vendors and node software, which means industry acceptance.


Offline signature. The PSBT format provides useful metadata to assist cold storage devices in verifying the address and amount associated with the transaction to be signed. This makes it more secure to initiate signatures from cold storage devices, and It's also easier to watch the whole process of a wallet constructing a transaction - a cold wallet signature - and a Bitcoin node broadcasting a transaction.


Multi-signature process. Because PSBTS make it easier to transmit and understand a partially signed Bitcoin transaction, and it is easier and more secure for multiple parties (or devices) to sign a transaction, multi-signature technology is also easier to use. A user-friendly multi-signature wallet will bring further benefits to the Bitcoin community, including better privacy, security, and private key loss resistance.


Multi-party trading. PSBT is especially useful for collaborating parties who want to sign the same transaction. For example, CoinJoin, CoinSwap  And   PayJoin  Protocol, which requires multiple parties to sign the same transaction. The PSBT format provides a way to structure a transaction, transfer it between multiple signers, and assemble it into a final transaction.


How PSBT works


PSBTS are useful in many scenarios. For example, five participants constructing a CoinJoin transaction would each send a message to a coordinator containing the UTXOs they want to put in the CoinJoin. Each participant also provides an address to receive bitcoin.


The coordinator constructs a transaction using all the UTXOs as input and creates the corresponding output, sending the same amount of Bitcoins to each participant's receiving address.


Next, the coordinator converts the transaction into a partially signed Bitcoin transaction, and then sends the PSBT to each participant. Participants added their own signatures to the PSBTS they received and sent the signed PSBTS back to the coordinator, who combined the five PSBTS to form the final deal. In the end, the coordinator gets a fully signed deal with a corresponding signature for each participant's input.


The process is completely trust-free: while each member relies on the coordinator to create and finalize the PSBT, no one, coordinator or participant, can steal money from another participant.


Adopt PSBT


The PSBT standard is defined by BIP174 and has been widely, but not fully, adopted by hardware wallets, software wallets, and Bitcoin node software (including Bitcoin Core) in the industry.


However, the PSBT standard also has some drawbacks, which is why the PSBT v2 standard is being developed. Specifically, iteratively adding inputs to build transactions is inefficient, and the PSBT file becomes relatively large.


As it stands, PSBT has greatly enhanced the interoperability between Bitcoin software and hardware, helped CoinJoin and other cooperative transactions, and made multi-signature easier to use.


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