So TapRoot makes Bitcoin more private? If so then why Edward saying Taproot makes privacy worse
Topic: Bitcoin TapRoot Update? - page 2. (Read 418 times)
Former NSA whistleblower Edward Snowden said that Bitcoin lacks privacy. He said without privacy bitcoin is useless and Privacy coins are better.
So TapRoot makes Bitcoin more private? If so then why Edward saying Taproot makes privacy worse
So TapRoot makes Bitcoin more private? If so then why Edward saying Taproot makes privacy worse
Elon Musk has a lot to read, he needs to tweet less and read more (this forum, maybe the technical area) before coming with wrong conclusions (again).
Bitcoin is what it is, he can't "want" anything and can't change anything anyway. The only changes are what the whole community agrees with, as you are seeing with taproot right now.
LN is for occasional fast transactions, this is not required for everything. You certainly don't need it to purchase a car online...
Bitcoin is what it is, he can't "want" anything and can't change anything anyway. The only changes are what the whole community agrees with, as you are seeing with taproot right now.
LN is for occasional fast transactions, this is not required for everything. You certainly don't need it to purchase a car online...
Okay does this Taproot update affect bitcoin's decentralization in anyway that will bring a backlash from the btc community?
By its own, no.
However with the cooperation of MAST and schnorr signature which may be applied upon bitcoin in the future, it can improve the privacy of bitcoin thus improve its decntralization indirectly.
MAST and Schnorr relies Taproot being activated 1st on the btc network?
its soft.
so far no option of hard fork. and no option of a forced fork/contentious fork. (all good signs)
if it doesnt get its 90% over a 2 week period it just wont lock in/activate.
but has many 2 week oportunities over the next 3 months
so far based on the latest 1day % is at about ~85% acceptance
so i see its getting close to having met threshold (within inches so far)
so as long as pools dont pull out it could lock in within a month.
as it just needs a few more % and them to then hold it for 2 weeks+
if it does lock in, it then allows 3 further months to then upgrade software before it activates (giving users time to update)
i see no contention or malice practices by devs trying to force the issue
so far no option of hard fork. and no option of a forced fork/contentious fork. (all good signs)
if it doesnt get its 90% over a 2 week period it just wont lock in/activate.
but has many 2 week oportunities over the next 3 months
so far based on the latest 1day % is at about ~85% acceptance
so i see its getting close to having met threshold (within inches so far)
so as long as pools dont pull out it could lock in within a month.
as it just needs a few more % and them to then hold it for 2 weeks+
if it does lock in, it then allows 3 further months to then upgrade software before it activates (giving users time to update)
i see no contention or malice practices by devs trying to force the issue
Elon Musk wants Bitcoin to be a Cryptocurrency not a Crypto Asset (store of wealth) with his recent Lightning Network is needed tweet.
Does Taproot pave the way for lightning network?
Lightning Network only makes sense if everybody accepts it as payment from your local coffee shop to Amazon right?
[moderator's note: consecutive posts merged]
its soft.
so far no option of hard fork. and no option of a forced fork/contentious fork. (all good signs)
if it doesnt get its 90% over a 2 week period it just wont lock in/activate.
but has many 2 week oportunities over the next 3 months
so far based on the latest 1day % is at about ~85% acceptance
so i see its getting close to having met threshold (within inches so far)
so as long as pools dont pull out it could lock in within a month.
as it just needs a few more % and them to then hold it for 2 weeks+
if it does lock in, it then allows 3 further months to then upgrade software before it activates (giving users time to update)
i see no contention or malice practices by devs trying to force the issue
so far no option of hard fork. and no option of a forced fork/contentious fork. (all good signs)
if it doesnt get its 90% over a 2 week period it just wont lock in/activate.
but has many 2 week oportunities over the next 3 months
so far based on the latest 1day % is at about ~85% acceptance
so i see its getting close to having met threshold (within inches so far)
so as long as pools dont pull out it could lock in within a month.
as it just needs a few more % and them to then hold it for 2 weeks+
if it does lock in, it then allows 3 further months to then upgrade software before it activates (giving users time to update)
i see no contention or malice practices by devs trying to force the issue
Okay does this Taproot update affect bitcoin's decentralization in anyway that will bring a backlash from the btc community?
By its own, no.
However with the cooperation of MAST and schnorr signature which may be applied upon bitcoin in the future, it can improve the privacy of bitcoin thus improve its decntralization indirectly.
Okay does this Taproot update affect bitcoin's decentralization in anyway that will bring a backlash from the btc community?
Is it known or can it be roughly calculated by how much the Taproot upgrade will increase Bitcoin't transaction capacity? Are we talking substantial increase or just a minor improvement?
Before you will be able to get clearer view and able to know answers to your question, know that Taproot is about key aggregation, the more there are public keys used to open a multisig wallet, the more the transaction fee, schnorr signature will be able to aggregate the keys during transaction, this makes multisig transaction indistinguishable and making it to have low fee, irrespective of the numbers of keys used to open the multisig wallet that makes use of schnoor signature for signing, the transaction fee will be the same. To understand more about this:
https://bitcointalksearch.org/topic/m.57011585
But if you think it will make transaction fee very low, it does not work that way, the activation will focus more reducing multisig transaction fee and making such transaction indistinguishable from single payment wallet.
What is TapRoot?
To be getting update about Taproot, you can set notification on this thread, Taproot proposal. Most mining pools are signalling for Taproot activation, this is an evidence that this can not result to hard fork, it will be a soft fork activation, which means there is no swap to a new chain, the normal bitcoin blockchain will also be used for tracking Taproot transactions. So far it does not lead to hardfork, holders will not get any forked coin because no new coin is created, nothing also like airdrop that will be reward. Nobody knows when Taproot will finally be fully activated but the progress has been positive, but its activation will be this year. Is it known or can it be roughly calculated by how much the Taproot upgrade will increase Bitcoin't transaction capacity? Are we talking substantial increase or just a minor improvement?
What is TapRoot?
To be getting update about Taproot, you can set notification on this thread, Taproot proposal. Most mining pools are signalling for Taproot activation, this is an evidence that this can not result to hard fork, it will be a soft fork activation, which means there is no swap to a new chain, the normal bitcoin blockchain will also be used for tracking Taproot transactions. So far it does not lead to hardfork, holders will not get any forked coin because no new coin is created, nothing also like airdrop that will be reward. Nobody knows when Taproot will finally be fully activated but the progress has been positive, but its activation will be this year. 
- Is this a hard fork or soft fork?
A soft forkQuote
- A swap to a newer chain?
There is no new chain.Quote
- If hard fork will bitcoin hodlers get free airdrop?
Your own title is answering this, Taproot is an "update" coming to bitcoin not some shitcoin fork creating a copycoin to give you airdrop!Quote
What date this year the update will happen?
Not possible to know, since bitcoin is decentralized its forks always take place only after reaching majority support from the network and that can take time. But so far it has only been 16 days since the release of the new bitcoin core version that adds the code for Taproot activation and miners have started signalling. You can see the progress on a website like this: https://taproot.watch/Quote
Is this similar to the 'Segwit' update back in near fall in 2017?
In many ways yes.It is a soft fork, it is backward compatible, but it is a smaller upgrade than SegWit, It doesn't have the drama that SegWit had though, it is adding new witness version.
Quote
What is TapRoot?
https://bitcoinmagazine.com/technical/taproot-coming-what-it-and-how-it-will-benefit-bitcoin 
I'm incapable of explaining the technical aspects of it, but it's a soft fork, not a hard fork. No new chain, it implements a more efficient script along with a more efficient script signing algorithm that're compatible with the same chain. From what I've read the more efficient coding will allow more transactions per block, and thus result in a faster network and lower fees. It also allows more complex transactions (like multi-sig) to consolidate signatures, reducing fees and improving privacy for those types of transactions.
This is from Bitcoin Core 0.21.1 release notes:
This is from Bitcoin Core 0.21.1 release notes:
## Taproot Soft Fork
Included in this release are the mainnet and testnet activation
parameters for the taproot soft fork (BIP341) which also adds support
for schnorr signatures (BIP340) and tapscript (BIP342).
If activated, these improvements will allow users of single-signature
scripts, multisignature scripts, and complex contracts to all use
identical-appearing commitments that enhance their privacy and the
fungibility of all bitcoins. Spenders will enjoy lower fees and the
ability to resolve many multisig scripts and complex contracts with the
same efficiency, low fees, and large anonymity set as single-sig users.
Taproot and schnorr also include efficiency improvements for full nodes
such as the ability to batch signature verification. Together, the
improvements lay the groundwork for future potential
upgrades that may improve efficiency, privacy, and fungibility further.
Included in this release are the mainnet and testnet activation
parameters for the taproot soft fork (BIP341) which also adds support
for schnorr signatures (BIP340) and tapscript (BIP342).
If activated, these improvements will allow users of single-signature
scripts, multisignature scripts, and complex contracts to all use
identical-appearing commitments that enhance their privacy and the
fungibility of all bitcoins. Spenders will enjoy lower fees and the
ability to resolve many multisig scripts and complex contracts with the
same efficiency, low fees, and large anonymity set as single-sig users.
Taproot and schnorr also include efficiency improvements for full nodes
such as the ability to batch signature verification. Together, the
improvements lay the groundwork for future potential
upgrades that may improve efficiency, privacy, and fungibility further.
Can someone ELI5:
- Is this a hard fork or soft fork?
- A swap to a newer chain?
- If hard fork will bitcoin hodlers get free airdrop?
What date this year the update will happen?
Is this similar to the 'Segwit' update back in near fall in 2017?
What is TapRoot?
- Is this a hard fork or soft fork?
- A swap to a newer chain?
- If hard fork will bitcoin hodlers get free airdrop?
What date this year the update will happen?
Is this similar to the 'Segwit' update back in near fall in 2017?
What is TapRoot?
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