Bitcoin’s Privacy Update Schnorr/Taproot Reaches a New Milestone

2020-1-24 19:59

One of Bitcoin’s biggest upgrades that will improve the privacy of the network has been published on the GitHub as BIP 340, 341, and 342

One of Bitcoin’s largest to date upgrades that would bring privacy and scalability to the world’s biggest network has passed a new milestone.

Earlier this week, a BitcoinCore contributor, Pieter Wuille published the update Taproot as the Bitcoin Improvement Proposal. A pull request, however, doesn’t mean it is official rather that it is now ready for developers to take a look and for it to get accepted into the ecosystem.

What’s most interesting is that because Bitcoin isn’t controlled by a single entity, major changes like these have to be agreed by everyone in order for it to be implemented.

Bitcoin Core contributor Anthony Towns conducted a review group for developers to assess the BIPs and submit their comments and suggestions. Towns said:

“This is a way to make sure more people understand the proposal as early as possible.”

16 of the developers submitted their feedback and everyone approved of the changes. Jake Chervinky, General Counsel at Compound Finance pointed out:

“Schnorr/Taproot is not only a significant upgrade for Bitcoin, but also an important data point for the ongoing study of Bitcoin's governance model.”

If the community agrees to Taproot, it could be the biggest change to the world’s leading digital currency since the scaling upgrade Segregated Witness (SegWit) in 2017.

The Schnorr/Taprioot proposal is published on GitHub as BIP 340, 341, and 342. Schnorr is a cryptographic signature scheme to prove the ownership of BTC. It eliminates the need for a multi-signature scheme by combining the signatures of all the transaction inputs into one.

Schnorr signatures do not reveal any information about the inputs which means only the owners of the private keys are capable of unlocking scripts.

In comparison to traditional ECDSA signature, these signatures are easily verifiable and offer a higher degree of flexibility and robustness.

Using Schnorr, Taproot strengthen privacy by adding smart contract-like capabilities to Bitcoin. This technology makes Bitcoin transactions look exactly the same on a blockchain explorer, hence boosting Bitcoin’s privacy.

origin »

Bitcoin (BTC) на Currencies.ru

$ 93815.31 (-0.58%)
Объем 24H $51.234b
Изменеия 24h: -0.54 %, 7d: -4.67 %
Cегодня L: $91951.2 - H: $95752.95
Капитализация $1857.903b Rank 1
Цена в час новости $ 8476.41 (1006.78%)

bitcoin milestone new privacy update taproot week

Источник: bitcoinexchangeguide.com

bitcoin milestone → Результатов: 126


Фото:

Bitcoin Records More Than One Billion Transactions: A Milestone in Crypto Evolution As Unicapital Empowers Traders

Bitcoin has recently surpassed a significant milestone, processing its one-billionth transaction, as confirmed by data from Clark Moody’s Bitcoin dashboard. This landmark achievement, 15 years after its inception, highlights Bitcoin’s growing influence in the global financial landscape and marks a pivotal moment in the evolution of cryptocurrencies.

2024-6-21 00:07


Bitcoin On Reddit Sees /r/Bitcoin Reach 1 Million Subscribers In New Milestone

The Bitcoin subreddit /r/Bitcoin reached a new milestone after surpassing 1 million subscribers on December 2nd. The information was released in a Reddit post by the moderator ibelite. The /r/Bitcoin community was founded back in September 2010, two years after the release of the popular Bitcoin white paper. Although Bitcoin has lost around 80% of […]

2018-12-3 21:04


Фото:

Bitcoin Social Media Celebrates Reddit Sub r/Bitcoin 1M Subscribers

The Bitcoin forum of social media platform Reddit is celebrating a milestone of its own December 2 after gaining its one-millionth subscriber. u/CryptoBull007 Clinches Coveted Title While there remains little cause for celebration among the Bitcoin community in the ongoing 2018 bear market, growth in one sector of its economy is undeniable: the r/Bitcoin subreddit.

2018-12-3 11:00


Фото:

German Crypto Exchange Bitcoin Group SE Acquires Investment Bank Tremmel

German holding company Bitcoin Group SE has acquired a 100 percent stake in investment bank Tremmel Wertpapierhandelsbank GmbH, the company announced in a press release on November 13, 2018. Bitcoin Group SE Significantly Expands Its Service Portfolio Bitcoin Group SE has reached an important milestone in the expansion of its service portfolio and acquired 100% of the shares in Tremmel.

2018-11-16 19:00


Фото:

Lightning Network Passes 4000 Nodes, Reaches All-Time Capacity High

Bitcoin’s nascent mainnet implementation of the Lightning Network (LN) has reached a new milestone, passing 4,000 nodes for the first time. Lightning Handles $750K Data from monitoring resource 1ML confirms the latest growth of Bitcoin’s second layer designed for fast er and cheaper payments, Lightning Network, which at press time November 13 had a total of 4,026 nodes, of which 2,910 were public.

2018-11-14 05:00


TheBigCoin Revolutionary Cryptocurrency Shopping Platform Hits $300,000 in Total Orders

TheBigCoin, One of the world’s leading cryptocurrency shopping platforms, just reached a milestone of $300,000 in total orders made by consumers. October 3rd, 2018, Vilnius As cryptographic money sees new ordinary applications, one of its center uses, purchasing on the web with innovative computerized monetary standards like Bitcoin and Ethereum, continues picking up footing.

2018-10-9 19:35


Фото:

Ripple Co-founder Chris Larsen Becomes 383rd Richest Person in the World on Forbes Ranking

Ripple co-founder Chris Larsen has made a crypto milestone as the first ever billionaire with a fortune gathered exclusively from cryptocurrency-related activity to enter the Forbes 400 list. According to an October 4, 2018 report in Business Insider, Larsen was ranked by Forbes at number 383 on the list with a total net worth just north of $2 billion.

2018-10-8 21:00


Leading Cryptocurrency Shopping Platform TheBigCoin Hits $300,000 in Total Orders

Press release: One of the world’s leading cryptocurrency shopping platforms, TheBigCoin, just reached a milestone of $300,000 in total orders made by consumers. October 3rd, 2018, Vilnius – As cryptocurrency sees new everyday applications, one of its core uses, buying online in popular digital currencies like Bitcoin and Ethereum, keeps gaining traction.

2018-10-3 12:00


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Record $2 Trillion Deposited in the US Banks During Covid-19 Pandemic

Cash remains the king! According to FDIC data, a record $2 trillion in cash was added in the deposit accounts of US banks since the coronavirus first struck in the country in January. In April alone, the money flowing into banks grew by $865 billion, more than the record for an entire year. “Any way […]