ChainIDE#21 The Taproot Upgrade

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ChainIDE#21 The Taproot Upgrade

Since the 2017 Segregated Witness upgrade, Bitcoin will usher in another major upgrade in the near future, which is the Taproot upgrade.

What's the Taproot Upgrade?

Taproot was first proposed by Bitcoin Core contributor Gregory Maxwell in 2018. It is a technology that improves the functionality of Bitcoin scripts and will solve the simple execution problem of complex transactions (multi-signature, time lock).At the same time, it can also enhance the scalability, privacy and flexibility of Bitcoin.

The Taproot upgrade will implement BIP-340, BIP-341 and BIP-342 Bitcoin Improvement Proposals (BIPs), which mainly include the following three technologies: Schnorr signature, Merkel Abstract Syntax Tree (MAST) and Pay-to-ScriptHash (P2SH) .

Let's take a look at the specific content of the Taproot upgrade.

BIP-340

We all know that Bitcoin currently supports elliptic curve cryptographic signatures (ECDSA), which allows users to generate public and private keys. It also allows users to sign transactions with a private key when only the public key is displayed.This algorithm is very common and very easy to use.The algorithm also allows the use of more than 1 secret key to sign a transaction, but this will reduce privacy. At the same time, the transaction will occupy more block space, which will result in a smaller number of transactions that can be accommodated in a single block, and users must pay much more for this.

The Schnnorr signature was added to the BIP-340 proposal, which allows for key aggregation. In other words, the Schnnorr signature will aggregate all the secret keys involved in a transaction into a single secret key.This means that only one secret key exposed will not cause privacy issues in multi-signature transactions.This also means that the size of the transaction is smaller, allowing more transactions in a single block. As the transaction size has become smaller, the transaction cost has also become lower.

Schnorr signatures can combine multiple signatures into a single signature.Therefore, after Taproot goes online, the cost of opening or closing the lightning network channel will be lower.This makes the Lightning Network more private and cheaper to use.

BIP-341

The BIP-341 proposal will use Schnnorr signatures to create MASTs (Merkle Abstract Syntax Trees), and MASTs will use Merkle Trees to make smart contracts more private and secure.When BIP-341 goes online, only the condition met by the smart contract will be revealed, while other unsatisfied conditions will be hidden.Merkel Abstract Syntax Tree (MAST) is proposed to be introduced into the Bitcoin blockchain, which can reduce the volume of BTC transactions, so that the recipient does not need to add lengthy scripts to the transaction.

This will make Bitcoin smart contracts more secure because there are fewer data points that hackers can use.The hacker will not know all the other conditions in the smart contract, but only one condition. Along this path, we will see a decrease in Bitcoin smart contract attacks and more privacy for those who use these contracts.

BIP-342

The BIP-342 proposal introduces a feature called Tapscript, which is a scripting language.Tapscript improves the signature hash as a supplement to the Taproot function and Schnnorr signature. As an upgraded version of the Bitcoin programming language (script), Tapscript is easier to add new features and provides batch verification (batch verifiability) based on Schnorr signatures.The proposal also removed the 10,000 byte size limit of Bitcoin scripts, thus making Bitcoin smart contracts more flexible and free.This gives developers more freedom to create smart contracts that are more exciting and have useful features.BIP-342 will also implement a function called "tagged public keys", which will make it easier for Bitcoin to be upgraded through a soft fork, and prepare for the future and development of Bitcoin.

Discussion

1.What is the importance of Taproot?

2.What impact does Taproot have on miners?

Reading & Referrence

1.The Bitcoin Taproot upgrade is coming soon. What important content does it contain?

2.Bitcoin upgrade proposal Taproot technical interpretation

3.Interpretation of the three proposals and importance of Bitcoin Taproot upgrade

4.Major Bitcoin upgrade (Tapscript [BIP342], Taproot [BIP341], Schnorr signature [BIP340]

Welcome to discuss here!

thewebbings

thewebsaga

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