The highly anticipated Bitcoin upgrade Taproot activation-Taproot script spending seen in the wild – Technology Bitcoin News
Bitcoin advocates are celebrating the successful implementation of the Taproot upgrade after block height 709,632. This upgrade is highly anticipated because it is one of the biggest changes since the introduction of Segregated Witness (Segwit) in 2017. After the upgrade was completed, the Bitcoin community discussed the series of benefits that Taproot and Schnorr signatures must provide and began to measure the use of taproot as well.
Taproot has been activated on the Bitcoin blockchain
At 12:15 am (EST) at block height 709,632, difficulty period 352, taproot Officially activated on Bitcoin (Bitcoin) Blockchain. The upgrade is long-awaited because it is an improvement that takes seven years to complete.
— Jack ?? (@jack) November 14, 2021
Taproot allows users to manipulate Bitcoin scripts in a variety of ways to improve privacy, scalability, and security.Combine Taproot with improvements named Schnorr signature Allows for more compact transactions and key aggregation, which provides a multi-faceted array of multi-signature transaction schemes. According to the code base introduction on Github, Schnorr provides three main benefits:
- Provable security: Schnorr signatures can be provably secured. In more detail, they are very unforgeable under the selective message attack (SUF-CMA).
- Non-extensibility: The security of the SUF-CMA signed by Schnorr means that they are non-extensible. On the other hand, ECDSA signatures are inherently malleable.
- Linear: Schnorr signature provides a simple and effective method that enables multiple collaborating parties to generate a signature that is valid for the sum of their public keys.
The Github description adds that collaboration technology or key aggregation “is the cornerstone of various higher-level structures that improve efficiency and privacy, such as multi-signatures.”
Schnorr signature scheme combined with MAST (Merklized alternative script tree), which essentially created a new scripting language called Tapscript. The Taproot activation page on Github now displays: “Taproot is locked. Thank you miner.” After Taproot was activated, a large number of encryption supporters discussed the implementation on social media.
“Bitcoin’s Taproot upgrade has officially [been] Activate,” Bitcoin investor Anthony Pompliano Tweet After the upgrade. “Congratulations and thanks to every developer, miner and Bitcoiner who made this happen.” Another person called “Hashoveride” Tweet:
The main root is activated! Bitcoin upgrade! This is how to form a consensus and complete the upgrade! Incredibly slow, without controversy, and without coercion. You better get to know each other. [Bitcoin] Ready to fly.
Bitcoin developer Pieter Wuille: “BIP341/342 (“Taproot”) is finally active on the Bitcoin mainnet
Bitcoin Core developer Pieter Wuille also discussed the successful soft fork on Twitter and thanked all network participants.
“Finally, BIP341/342 (“spin root”) is very active on the Bitcoin mainnet. Thanks to everyone who participated in it for letting us get to this point,” Wuille Tweet“The real work will be to build a wallet/protocol based on it to take advantage of its advantages. I am very happy to see where this will take us,” the Bitcoin developer added.Other Bitcoin fans Share data Taproot is used in the wild. For example, Alekos Filini wrote:
revised version @bitcoindevkit Made this deal. It is a Taproot script expenditure that uses the new “OP_CHECKSIGADD” for 1-of-2 multi-signature. It seems that this is the first “OP_CHECKSIGADD” used on Bitcoin in history! This is the cost of the third Taproot script in the block, but the two previously entered did not use this opcode.
In addition, the open exploration tool for blockchain analysis (oxt.me) posted on Twitter about Use of the main root on the Bitcoin blockchain After successful implementation. “It’s happening #Taproot,” oxt.me Twitter account Said, Share a Taproot usage chart.Bitcoiners Lyle Pratt He also talked about the benefits of Taproot and explained why he was excited.
“[Three] The reason I am personally excited about Taproot,” Plat wrote. “1) The upgrade process provides us with a good way to upgrade in the future. 2) Taproot will help to add new DLC services and use cases, eventually bringing them to the Lightning Network. 3) Multi-signature alliances with 1 million+ participants are now possible. “
When another person asked about the benefits of joint multi-signature for many participants, Pratt replied: “It is now possible to build a more decentralized pool of signers or oracles. Pre-taproot approximately 15 p2sh signers is a practical limit. “
What do you think of the successful implementation of the Bitcoin upgrade Taproot and the community’s views on the latest soft fork? Please tell us your thoughts on this topic in the comments section below.
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