Ethereum: Why P2PKH over the simpler P2PK?
The choice of elliptic curve cryptography (ECC) for Ethereum’s public key scheme, known as P2PKH (Public Key Hierarchical Hashing), has been a subject of debate among developers and researchers. In this article, we’ll look at the reasons behind choosing P2PKH over its simpler counterpart, P2PK.
Elliptic Curve Cryptography Security
Elliptic curve cryptography is considered secure enough that a public key can be revealed without fear of someone being able to calculate the corresponding private key from it. This is because ECC uses a mathematical concept called discrete logarithms, which are theoretically unbreakable. However, such security comes at a price.
P2PK Limitations
P2PK (Public Key Hierarchical Hashing) is a simpler public key scheme that uses only the difficulty of the hash function to secure transactions. The problem with P2PK technology is that mining new blocks requires more computational resources and energy, which can be expensive and lead to network centralization.
Why P2PKH was chosen
In 2017, Vitalik Buterin, co-founder of Ethereum, proposed P2PKH as an alternative to P2PK. He argued that P2PK technology is too energy-intensive to support a large-scale blockchain like Ethereum. By using a separate hash function for the public key, Ethereum can reduce the computational requirements and make it more energy-efficient.
Additional Benefits of P2PKH
In addition to its security, P2PKH also offers additional benefits:
- Increased Energy Efficiency: As mentioned earlier, P2PK requires more computational resources and energy to mine new blocks. By using a separate hash function for the Ethereum public key, it can reduce energy consumption.
- Improved Network Resilience: P2PKH provides improved network resilience by allowing transactions to be processed in batches rather than one at a time.
- Better Scalability Support: P2PKH is designed to support scalability and large transaction volumes.
Conclusion
In summary, the choice of P2PKH over P2PK was motivated by the need to balance security with energy efficiency. While P2PK is still used in some scenarios, P2PKH provides a more scalable, resilient, and secure alternative to the Ethereum public key scheme. As the network grows and evolves, it will be interesting to see how these two systems integrate and whether one will eventually replace the other.
Additional Resources
- [Ethereum Whitepaper](
- [Vitalik Buterin’s Blog](
- [Wikipedia article on Elliptic Curve Cryptography (ECC)](
Note: This article is based on information available as of 2021 and may not reflect the latest changes in the Ethereum ecosystem.