What Is the Role of “scriptPubKey” in the UTXO Model?
The scriptPubKey, also known as the locking script, is a piece of code attached to a UTXO (output) that sets the conditions for its spending. It defines the required inputs, such as a specific public key and a valid signature, that must be provided in the unlocking script (scriptSig) of a future transaction to spend that UTXO.
Essentially, it dictates who can spend the funds and how.
Glossar
Unlocking Script
Mechanism ⎊ Unlocking Scripts, within cryptocurrency and financial derivatives, represent pre-defined conditions governing the transfer of digital assets or the execution of contract terms; these scripts function as deterministic logic, ensuring funds are released only upon fulfillment of specified criteria, enhancing security and automating complex financial arrangements.
UTXO
Model ⎊ UTXO, or Unspent Transaction Output, represents the accounting model used by Bitcoin and other similar blockchains.
Op_Checksig Operation
Operation ⎊ The Op_Checksig operation is a fundamental component of Bitcoin's scripting language, used to verify digital signatures within a transaction.
Scriptpubkey
Locking ⎊ Scriptpubkey is the portion of a Bitcoin transaction output that specifies the conditions that must be satisfied by the spender's scriptSig to unlock and spend the associated funds.