BIPs bitcoin improvement proposals

175 - Pay to Contract Protocol

<pre> BIP: 175 Layer: Applications Title: Pay to Contract Protocol Author: Omar Shibli <omar@commerceblock.com> Nicholas Gregory <nicholas@commerceblock.com> Comments-Summary: No comments yet. Comments-URI: https://github.com/bitcoin/bips/wiki/Comments:BIP-0175 Status: Rejected Type: Informational Created: 2017-07-17 License: BSD-2-Clause </pre> ==Abstract== Utilizing hierarchical deterministic wallets as described in BIP-0032 and the "Purpose Field" in BIP-0043, this document specifies the multiparty pay-to-contract key derivation scheme outlined by Ilja Gerhardt and Timo Hanke.[0] The key words "MUST", "MUST NOT", "REQUIRED", "SHALL", "SHALL NOT", "SHOULD", "SHOULD NOT", "RECOMMENDED", "MAY", and "OPTIONAL" in this document are to be interpreted as described in RFC 2119. ==Motivation== A Bitcoin transaction represents a "real world" contract between two parties transferring value. Counterparties in a business interaction traditionally keep track of ...