A third advantage of Wuille's Segregated Witness proposal has Bitcoin programmers just as excited as the first two – if not more-so: script versions. - Aaron van Wirdum @ bitcoinmagazine.com

http://bit.ly/1mfNKey Versions, or How Bitcoin Can Learn to do Almost Anything A third advantage of Wuille's Segregated Witness proposal has Bitcoin programmers just as excited as the first two – if not more-so: script versions. As explained in the previous article, Segregated Witnesses carry scriptSigs that unlock bitcoin. But they carry something else, too: version bytes. These version bytes preface scriptSigs in Segregated Witnesses, indicating what kind of scriptSig it is. If a node reading the version byte recognizes the type, it can tell what requirements must be met to unlock bitcoin in the scriptSig. If a node reading the version byte does not recognize the type, it interprets the scriptSig as an “Anyone can spend.” This opens up all sorts of new ways to lock bitcoin up in transactions. In fact, it can be used to lock bitcoin up in any way developers come up with. As such, it's impossible to explain how this will be used in the future, since much of this still needs to be invented. But initial ideas include Schnorr signatures, which are much faster to verify than signatures currently in use, and more complicated types of multisig transactions; perhaps even Ethereum-like scripts.http://bit.ly/1IrMtuQ via /r/Bitcoin http://bit.ly/1ZyNndc