Topic: Want to know about the technical changes regarding to Taproot Upgrade (Read 152 times)

Taproot is a big upgrade, in P2SH and P2WSH multisig transactions, the higher the numbers of keys used to generate the wallet, the higher will be the transaction fee, but with Schnorr signature, the keys are aggregated into one single valid key and produce a signature which will be used for the on-chain transaction. This makes Taproot transactions to be like a single wallet with 1 Pubkey transaction with low and same fee irrespective of the number of keys used to generate the wallet. For example, 2-of-2 multisig fee will be the same paid by 15-of-15 multisig fee.

The transaction is indistinguishable and look like single pubkey wallet in which a blockchain observer can not even know if the transaction is multisig or not. It also create a recovery option in which an alternative means will exist for recovery, like in 3-of-5 multisig, if one key is lost, their is an option to recover your coins as there are still other 4 keys in which 3 is needed to provide signature.

It will also benefit the lightning network, two people that partnered together to use lightning payment, they can both join their signature together to produce single valid one, which makes both parties to be able to sign with individual signature and makes closing of a lightning channel to look like that of normal payment. With Adaptor Signatures, atomic swap will be possible which can not be differentiated from normal Bitcoin transaction.

You can watch this YouTube video to know more about how Taproot upgrade will help in scaling, efficiency and privacy.
https://youtu.be/1gRCVLgkyAE

These links will be of help:
https://github.com/bitcoin/bips/blob/master/bip-0340.mediawiki
https://github.com/bitcoin/bips/blob/master/bip-0341.mediawiki
https://github.com/bitcoin/bips/blob/master/bip-0342.mediawiki
https://medium.com/interdax/how-will-schnorr-signatures-benefit-bitcoin-b4482cf85d40
https://medium.com/interdax/what-is-taproot-and-how-will-it-benefit-bitcoin-5c8944eed8da
https://medium.com/digitalassetresearch/schnorr-signatures-the-inevitability-of-privacy-in-bitcoin-b2f45a1f7287
https://bitcoincore.org/en/2017/03/23/schnorr-signature-aggregation/

smart contracts in the sense that you may think (like the etherum) will never be added to bitcoin but bitcoin has always had "smart contracts" from day one but only so much so that a currency needs.
taproot will add more capabilities.

you can read the topic here: https://bitcointalksearch.org/topic/taproot-proposal-5140134
or bips 341 342 and 343

no, bitcoin will never become like any vaporware.

Taproot will improve Bitcoin scripting capabilities and privacy that is especially important when using multisig and Lightning Network.
There will be changes inside but regular users won't even notice most of them, addresses will be the similar bc1 like segwit and fees will probably be much lower for multisig.

I don't know what ethereum newton is and I don't care, but Bitcoin has nothing to do with that, it is simple version of smart contract with much less chance of having bugs in code.

I came to know that bitcoin network will have a major upgrade on their blockchain called Taproot upgrade. Last time some upgrade happened on 2017.
I searched for this upgrade on Internet and got some details like 90% vote of miners was needed which has been granted, will happen on November 2021.
Some information like this will deal with privacy and scalability of network. Smart contract transaction on Bitcoin network will be enabled. Like all these are the results of the successful upgrade. What will change and what will be better.
But I want to know about the technical changes will happen during this upgrade. Will the bitcoin also become like Ethereum Newton?