Taproot can hide existence of the transaction branch so you disclose it only if you use it, states Adam Back

2019-6-10 23:33

Technological developments within the cryptocurrency space is an essential aspect for the overall growth of respective virtual assets. In terms of advancement, it is necessary that every digital asset continues to develop and enhance its security aspect, block size, fundamental operations and remain secure from any cyber threat.

Adam Back, CEO of BlockStream recently spoke about the impending Schnorr signatures and Taproot protocol that is going to be implemented soon on its blockchain network.

He stated that Schnorr signatures were going to be more like “compact” particularly for multi-signatures, where three signatures will attain the same size in one signature. One of the major advantages, as listed by Back, was that it would reduce fingerprinting, which meant people will not be able to distinguish on the blockchain between a two and two signature and a single signature for example.

Back also explained the importance of Taproot, a different idea to Schnorr, which would enable users to further avoid cases of fingerprinting.

Back stated,

“The typical pattern 99% of the time, only one branch is used and occasionally something will go wrong and you will have to use the other branch, so for the cases where the branch is never disclosed, Taproot can hide the existence of the branch so you’re only disclose it if you need to use it.”

Back added that Taproot also improved the privacy, fungibility so that more transactions look similar and it will be difficult for potential threats to distinguish between transactions. He also suggested that it can minorly improve the scaling aspect because the signatures were smaller and the multi-sigs looked like single signatures.

Additionally, Back indicated that certain extensions can be implemented to Bitcoin itself.

He said,

“As Bitcoin gets to be more modular and more layered in the same way that other protocols like the internet are organized.  With Bitcoin, there is already lightning for resource payments and liquids, which is is a side chain that blockstream has been developing.”

Moreover, Back did not indicate a specific launch date for the Schnorr signature and Taproot implementation and said that it should take place later this year or early 2020.

The post Taproot can hide existence of the transaction branch so you disclose it only if you use it, states Adam Back appeared first on AMBCrypto.

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Bitcoin [BTC]: Any reorg can potentially undo the foundational features of Bitcoin, claims Adam Back

Binance CEO Changpeng Zhao’s consideration of an ‘urgent reorg’ as a measure for damage control divided the Twitter community.  With most supporters despising CZ’s decision, Peter McCormack discussed the probable outcome on the crypto-ecosystem with Adam Back (Blockstream) and Bryan Bishop (Bitcoin Core Developer), if such a block reorg were to happen in the future.

2019-5-15 18:30


Sacrilegious Binance Reorg Would ‘Erode’ Bitcoin: Blockstream

By CCN: Blockstream CEO Adam Back told the What Bitcoin Did podcast that the block reshuffling proposed by Binance CEO Changpeng Zhao would raise “geopolitical issues” had it been attempted. Accept That Bitcoin Is Final Back explained why the idea of a chain reorganization as a means to punish hackers or rescue lost bitcoins is a terrible idea.

2019-5-15 12:25


Фото:

Despite $100K Pledged to Charity, Adam Back Remains Silent Over Proposed Debate

There’s over $100,000 on the line that could be given to charity for about an hour of Adam Back’s time. If he chooses to debate Bitcoin Unlimited’s Peter Rizun over why he thinks it’s a bad idea to scale with larger blocks, Paxful’s Ray Youssef‏ has pledged $100K in addition to Roger Ver’s initial $10K […] The post Despite $100K Pledged to Charity, Adam Back Remains Silent Over Proposed Debate appeared first on Bitcoin News.

2019-5-10 20:32


Фото:

Doh! Bitcoin Price Drop Was Just A ‘Bart Simpson,’ Says Adam Back

The Bitcoin price is exhibiting a “Bart Simpson” trend as shorters take advantage of its short-lived bullrun to near $4000, Adam Back has said. Bitcoin Falls Away From $4k In social media comments February 25, the HashCash inventor and Blockstream CEO said that leverage-based platforms such as BitMEX were broadly responsible for the volatility which has characterized Bitcoin over the past week.

2019-2-25 15:00


Сервис Blockstream Satellite внедряет поддержку Lightning-транзакций

Блокчейн-компания Blockstream сообщила о расширении запущенного летом прошлого года сервиса для перевода криптовалюты с помощью спутниковой связи – Blockstream Satellite – на Азиатско-Тихоокеанский регион, а также о добавлении поддержки Lightning-транзакций.

2018-12-18 23:30


Blockstream Chief Adam Back: Bitcoin (BTC) Price At $500,000 Is Plausible, Suggests Future Gold Flippening

Adam Back co-founder and CEO of Blockstream, seems very bullish about the future of Bitcoin (BTC). He said that it might be possible for Bitcoin to reach $500,000 dollars in the future. Since the beginning of the year, Bitcoin and other virtual currencies are in a bear trend that has severely affected the whole cryptocurrency […]

2018-11-22 18:13


Адам Бэк верит в светлое будущее биткоина

Руководитель блокчейн-стартапа Blockstream Адам Бэк (Adam Back) поделился своими соображениями относительно будущего биткоина (BTC). Предприниматель и разработчик считает, что лучшие дни для основной криптовалюты впереди, и в будущем настанет день, когда биткоин заменит собой золото, а его цена достигнет $250-$500 тысяч.

2018-11-21 14:23


Фото:

‘Extinguishing Capacity’: Bitcoin Could Swallow All M1 Fiat At $223K Per Coin

$223,186 is the price Bitcoin would need to be in order to convert the entire world supply of fiat currency, industry figures calculated July 2. M1 Fiat Could Go At Less Than $250k Part of an ongoing debate on social media, Blockstream CEO Adam Back and CSO Samson Mow joined Bitcoin Think editor Beautyon in discussing the phenomenon of ‘hyperbitcoinization’ – the as yet untested process by which consumers abandon fiat en masse for Bitcoin.

2018-7-3 00:00