Topic: About Taproot (Read 96 times)
Implications / goals of Taproot?
There is much information about TapRoot in the Bitcoin Explained podcast: https://bitcoin.nl/podcast/bitcoin-explained-the-technical-side-of-bitcoinOne of the benefit of TapRoot is the faster signature verification so that initial block download can be much faster if transactions are of the TapRoot type. Also, improvement of security of transactions (at least on theoretical level).
and it is also cheaper for transactions.
What is important to know about Taproot?
Implications / goals of Taproot?
How does Taproot compare to bech32 (cheap fees?)
Risks / limits of Taproot?
What is important to know about Taproot?
Implications / goals of Taproot?
How does Taproot compare to bech32 (cheap fees?)
Risks / limits of Taproot?
P2TR is not necessarily cheaper compared to Native segwit (bech32) unless we are talking about multi signature wallets.
Taproot is aimed to provide better privacy and scalability by streamlining multiple signatures into one that results in decreased transaction size but it's higher compared to bech32.
Taproot upgrade is aimed towards the smart contract utility since segwit is limited in that region.
Refer this thread: Pay-to-taproot (P2TR) transaction fee for detailed comparison of fees on P2WSH, P2SH and P2TR.
There have been threads about taproot here on the forum. You can read through this one which explains everything about it https://bitcointalksearch.org/topic/bitcoin-taproot-bech32m-bc1p-adoption-5406199 and then this thread which compares their fees with other address formats https://bitcointalksearch.org/topic/m.58417300
and it is also cheaper for transactions.
Yes it is cheap just like other SegWit address types but it is not the cheapest. If it is the same input and output number for a transaction like a 1 input to 1 output transaction the native segwit is cheaper than the taproot. Also if the input is less than the output addresses the native segwit is still cheaper. But if the output numbers is less than the inputs then Taproot is cheaper which makes it the best address format to consolidate UTXOs in terms of fee charges
and it is also cheaper for transactions.
Yes it is cheap just like other SegWit address types but it is not the cheapest. If it is the same input and output number for a transaction like a 1 input to 1 output transaction the native segwit is cheaper than the taproot. Also if the input is less than the output addresses the native segwit is still cheaper. But if the output numbers is less than the inputs then Taproot is cheaper which makes it the best address format to consolidate UTXOs in terms of fee charges
I'm not a developer but about Taproot, Murch has published blog posts about Taproot addresses:
Blog post source 1: https://murch.one/posts/single-sig-output-types/
Source 1 is containing basic information about Taproot, presented in a breakdown of important Taproot address characteristics. Much of his information looks like advanced content but I hope it's helpful:
Blog post source 2: https://murch.one/posts/2-of-3-using-p2tr/
Source 2 looks more like programmer content.
Blog post source 1: https://murch.one/posts/single-sig-output-types/
Source 1 is containing basic information about Taproot, presented in a breakdown of important Taproot address characteristics. Much of his information looks like advanced content but I hope it's helpful:
Quote
1) P2TR aka Taproot aka Native Segwit v1
With the recent activation of Taproot, we add native segwit v1 outputs to our portfolio. Pay to Taproot outputs lock funds directly to a public key in the output’s witness program, which means (for single-sig uses) that the input only needs a single script argument, a signature, instead of needing to provide both a public key and signature like P2WPKH. P2TR uses Schnorr signatures, which are more compactly encoded than ECDSA signatures, reducing the signature size from 71-72 B to 64 B. This means that P2TR has the smallest data footprint even while the overall weight of input and output is slightly bigger than for P2WPKH. In addition, more complex spending conditions can be encoded in the leaves of the taptree that’s tweaked into the public key contained in the witness program. Bech32m addresses encoding P2TR outputs are longer than the bech32 addresses encoding P2WPKH outputs, since public keys are longer than the 20-byte hash used in P2WPKH. Addresses for P2TR outputs start with “bc1p”, because “p” encodes 1.
Example: bc1pay2tapr00tajnawrkf897ccgsmk4e0x8ng5g3rv3qzd7jzfy2zxspy50gj
Issues:
Bech32m addresses are brand-new and not yet supported by many wallets and services
With the recent activation of Taproot, we add native segwit v1 outputs to our portfolio. Pay to Taproot outputs lock funds directly to a public key in the output’s witness program, which means (for single-sig uses) that the input only needs a single script argument, a signature, instead of needing to provide both a public key and signature like P2WPKH. P2TR uses Schnorr signatures, which are more compactly encoded than ECDSA signatures, reducing the signature size from 71-72 B to 64 B. This means that P2TR has the smallest data footprint even while the overall weight of input and output is slightly bigger than for P2WPKH. In addition, more complex spending conditions can be encoded in the leaves of the taptree that’s tweaked into the public key contained in the witness program. Bech32m addresses encoding P2TR outputs are longer than the bech32 addresses encoding P2WPKH outputs, since public keys are longer than the 20-byte hash used in P2WPKH. Addresses for P2TR outputs start with “bc1p”, because “p” encodes 1.
Example: bc1pay2tapr00tajnawrkf897ccgsmk4e0x8ng5g3rv3qzd7jzfy2zxspy50gj
Issues:
Bech32m addresses are brand-new and not yet supported by many wallets and services
Blog post source 2: https://murch.one/posts/2-of-3-using-p2tr/
Source 2 looks more like programmer content.
Taproot is active now for a while and for Bitcoin's progress, it seems to be a decent step after native SegWit, where bech32 addresses were introduced.
I'm not a coder and it’s hard to understand to read texts from coders but getting informed about Taproot and doing research about it is a good idea in my opinion.
We just need a good text, good source or knowledgeable person to give insight and what I'm trying to ask here is: if it's possible for a knowledgeable person, preferably coder, to give insights about Taproot in a normal way (not for coders):
I already know a Taproot address looks like
bc1pxxxxxxxxx
and it is also cheaper for transactions.
But here it is, where it's starting to get difficult.
What is important to know about Taproot?
Implications / goals of Taproot?
How does Taproot compare to bech32 (cheap fees?)
Risks / limits of Taproot?
Educated sources explaining it (not from a coding perspective) but in a normal way, easy to understand if we are not coders, is what I’m looking forward to.
Happy to read your answers.
I'm not a coder and it’s hard to understand to read texts from coders but getting informed about Taproot and doing research about it is a good idea in my opinion.
We just need a good text, good source or knowledgeable person to give insight and what I'm trying to ask here is: if it's possible for a knowledgeable person, preferably coder, to give insights about Taproot in a normal way (not for coders):
I already know a Taproot address looks like
bc1pxxxxxxxxx
and it is also cheaper for transactions.
But here it is, where it's starting to get difficult.
What is important to know about Taproot?
Implications / goals of Taproot?
How does Taproot compare to bech32 (cheap fees?)
Risks / limits of Taproot?
Educated sources explaining it (not from a coding perspective) but in a normal way, easy to understand if we are not coders, is what I’m looking forward to.
Happy to read your answers.
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