PaytoPublicKeyHash

PayToPublicKeyHash is a Bitcoin script type that allows for payment to a specific public key. It is one of the two types of scripts used in Bitcoin's Smart Contracts, the other being PayToScriptHash.

A PayToPublicKeyHash script takes a 20-byte hash of a public key as input and checks if the redeeming party has the corresponding private key. If the private key matches, the conditions for payment are met, and the transaction can proceed. The hash ensures that transactions using PayToPublicKeyHash are difficult to reverse-engineer or tamper with.

PayToPublicKeyHash is often used for Bitcoin-based payment systems, such as those that require specific public keys for payments. This script type also allows for more secure and efficient transactions, as it eliminates the need for trusty third parties.

Similar to PayToScriptHash, the PayToPublicKeyHash script requires a specific hash to be provided. This hash, the public key hash, is taken from the redeeming party's public key. The hash is used to unlock the payment conditions, allowing the funds to be sent to the recipient's address, which is linked to the public key.

Due to its exclusive reliance on a public-key hash, transactions utilizing PayToPublicKeyHash are generally faster and more straightforward than those relying on other script types.