Conclusions

In 2019, the innovations within Bitcoin continue to grow strongly. An increasing number of talented core developers are contributing to the development and universities from around the world are researching techniques for improving the Bitcoin protocol. Highlighted a number of innovations; Schnorr Signatures, MAST, Erlay, Utreexo, FIBER, Dandelion, Taproot. And for Lightning Network Eltoo.

Schnorr signatures

By means of this cryptographic optimization, transactions are once again more efficient in use. In addition, it has the great advantage that it is not only a major optimization effort, but also a privacy optimization. It becomes more difficult to analyze these transactions for inputs and outputs because they are hidden.

MiniScript

In addition, a new language has recently been developed based on the Bitcoin script that makes smart contracts (conditional transactions) simpler, more efficient and therefore more secure. We know smart contracts from MultiSignature, for example, but even more advanced functions are possible, which in turn can activate new use cases. MiniScript makes this simpler and therefore more realistic. MAST’s technology also focuses on making input & output scripts more efficient.

Finally

In addition to microtransactions, which provide new use cases, it is likely that more use cases will also arise. Layer 2 techniques such as Lightning Network ensure that other techniques are experimented with, such as Sidechains.

The innovative power of protocol development is great, but it also takes time. A protocol that transfers value and ownership must be secure at all times. Therefore, a conservative attitude and thorough peer review is required. Bitcoin becomes more robust and powerful with every innovation. Take control, Bitcoin.

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