Bitcoin Taproot update triggered by Bitcoin Core

Taproot soft fork was triggered by Bitcoin Core and block 709632 currently has 2493 transactions.

Taproot update of the Bitcoin protocol was triggered by Bitcoin Core. soft fork was activated in block 709632. A soft fork only requires majority consent to be effective. In a hard fork, the entire network must agree, which invalidates the previous blocks.

Taproot update is an update that offers greater privacy for multi-sig transactions and to unleash the potential of smart contracts on the Bitcoin network. Bitcoin smart contracts have a censored feature set compared to Ethereum contracts.

Bitcoin Taproot update is the first soft fork since the Segregated Witness (SegWit) update in 2017. first signs of a new soft fork have emerged since January 2018 by Bitcoin Core developer Gregory Maxwell. Taproot was agreed almost unanimously on June 13, 2021, following consensus changes in the Bitcoin enhancement proposals BIP340 (Schnorr signatures), BIP341 (SegWit exit conditions), and BIP342 (main root script validation). BIP340 defines a standard for Schnorr signatures and Taproot construction. All three proposals are said to make Bitcoin more private and space efficient by adding multiple signatures in one. BIP342 enables a type of payment called Pay-to-Taproot, which allows users to make transactions through a Schnorr public key or in other ways. You can provide options to the user, where some transactions can be visible and others public.

Also Read Historical Hardfork Events Every Cryptocurrency Enthusiast Should Know About

Adding the TREE

If person A sends 1 BTC to person B, but person A wants him to hand it over to person B only after certain conditions have been met, all of these conditions would be visible on the public ledger, which could compromise privacy of people A and B Merkelized alternate script trees (MAST) hide smart contract terms and compress information. MAST provides a merkel hash of the information.

Bitcoin smart contracts are written in a language called Script, which allows you to specify conditions to unlock results, such as funds disbursed only after a certain amount of time, a multiple signature condition, or other conditions. Bitcoins are locked in one script, before they are locked and unlocked in another script. «When Bitcoin is sent to a MAST outlet, Bitcoin locks into the Merkle root of these scripts and to redeem the bitcoin, the spender must reveal the script they are using to unlock the bitcoin, as well as proof that this script is included at the root. Merkle from the previous transaction ‘, according to a research paper. spender of a MAST exit only needs to reveal the script he used. script number is invisible.

Tapscript is the next innovation in the Taproot soft fork. It is a script function that increases the size of allowed scripts. It also allows partially executed scripts to make their running code visible only when the code is used. Scripts are only revealed at the time of purchase.

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Schnorr signatures mean more privacy

Lightning Network, Liquid, and other sidechains use script rules like multi-sig blocks and hash times to secure their scripts. Before the soft fork, all of this information was visible to the entire network. soft-fork will allow transactions like opening the Lightning channel as a normal transaction.

If a transaction must be signed by multiple signers, each owner of the private key must calculate their signature and include it in the transaction. Before the Taproot update, bitcoin used the Elliptical Curve Digital Signature Algorithm (ECDSA) to sign transactions. But adding Schnorr signatures will mean that transactions will be verified faster. Schnorr signatures allow transactions that require multiple signatures to appear as single signature transactions on the public ledger. Schnorr’s signature will also hide the existence of a MAST structure. Since only one signature is calculated to represent all parties, less information is recorded for each transaction and there is a higher degree of privacy.

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