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Ethereum: Does P2PKH replace P2PK under any circumstances? Why?

Published by Terlumun Aondover on February 5th, 2025.

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Ethereum P2SH vs. P2PK: A Comparative Analysis

The Ethereum network, developed by Vitalik Buterin, has been a pioneer in blockchain technology since its inception in 2014. One of the most important features of Ethereum is its use of public-key cryptographic primitives, including a private key (public key) and a public-key hash (P2PKH). In this article, we will examine the relationship between P2SH (Pay-Per-Send) and P2PK in Ethereum, and examine why P2PKH cannot necessarily replace P2PK.

What are P2SH and P2PK?

Both P2SH and P2PK are public-key cryptographic primitives used to secure transactions on the Ethereum network. Here is a brief overview:

P2PK: This is one of the two main key pairs used in Ethereum, along with P2SH. In P2PK, the private key (public key) and the corresponding hash of the public key are stored on the client side, allowing users to send and receive money without revealing their personal identity.

P2SH

: This is a variant of P2PK that uses a separate “script” layer to validate transactions. P2SH allows multiple transactions on a single input (i.e. Pay-Per-Send), making it better suited for micropayments and other use cases where the sender does not know what they will receive in return.

Why does P2PKH exist?

You may wonder why Ethereum developed a separate type of key pair even though P2SH exists. There are several reasons for this:

Scalability
: While P2SH can process multiple transactions on a single input, additional network overhead is required to support this feature.

Security: By supporting two different key pairs (P2PK and P2SH), Ethereum developers aim to improve overall security by reducing the risk of compromise.

Does P2PKH replace P2PK?

In most cases, no, P2PKH is not a direct replacement for P2PK under any circumstances. While both types have similar functionality, they serve different purposes:

P2PK: This is the basic public key cryptographic primitive used to send and receive funds on Ethereum.

P2SH: This variant uses a script layer to validate transactions, making it more suitable for specialized use cases such as micropayments.

Why is P2PKH useful?

While P2PKH is not a direct replacement for P2PK, it has the potential to offer the following benefits:

Improved security: By having separate key pairs, Ethereum developers are looking to reduce the risk of compromise in certain situations.

Scalability: The additional overhead required for P2SH may be acceptable if other use cases for the network compensate for it.

Conclusion

While P2PKH exists and serves a purpose, it is not a direct replacement for P2PK under any circumstances. Instead, it represents an alternative approach to securing transactions on the Ethereum network, primarily to improve scalability and security.

As the Ethereum ecosystem continues to evolve, it is likely that developers will discover new cryptographic primitives and innovations to improve the functionality of the network.

REGULATORY DRIVEN CRYPTOCURRENCY PLATFORMS