What is the wallet address type?

Another popular type is the P2SH or Pay-to-Script-Hash address. This address format allows for more complex transaction scripts, providing enhanced flexibility and functionality. It is often used for multi-signature transactions and other advanced use cases.

Bech32 addresses represent a newer and more efficient address format. They offer improved error detection and correction capabilities, reducing the chances of transaction errors. Bech32 addresses are becoming increasingly popular due to their enhanced security and reliability.

Wallet addresses come in various forms, each serving different purposes and offering distinct advantages.

Taproot Addresses are the latest innovation in wallet address technology. They provide enhanced privacy and scalability by allowing for more complex smart contract functionality. Taproot Addresses utilize a special type of script called a Merkleized Abstract Syntax Tree (MAST), which enables more efficient and secure transaction verification.

One of the most common types is the P2PKH or Pay-to-Public-Key-Hash address. This address type utilizes a public key hash to secure transactions, ensuring that only the owner of the corresponding private key can authorize payments.