Bitcoin advocates celebrate the successful implementation of the Taproot upgrade after block height 709,632. The upgrade was long awaited as it was one of the biggest changes since the introduction of Segregated Witness (Segwit) in 201[ads1]7. After the upgrade was completed, the Bitcoin community discussed the amount of benefits The Taproot and Schnorr signatures have to offer, and have started measuring Pile root use as well.
Taproot has been activated on the Bitcoin Blockchain
At 12:15 (EST) at block height 709,632, at difficulty period 352, Taproot was officially activated on the Bitcoin (BTC) blockchain. The upgrade was long overdue as it is an improvement that has taken seven years to complete.
– jack⚡️ (@jack) November 14, 2021
Taproot allows users to use Bitcoin scripts in a myriad of ways to improve privacy, scalability and security. Combining Taproot with an enhancement called Schnorr signatures provides more compact transactions and key aggregation, providing a multifaceted array of multi-signature transactions. Schnorr offers three major benefits according to the codebase introduction on Github:
- Demonstrated security: Schnorr signatures are demonstrably secure. In more detail, they are highly unforgettable during the selected message attack (SUF-CMA).
- Non-formability: The SUF-CMA security of Schnorr signatures means that they are not malleable. On the other hand, ECDSA signatures are inherently malleable.
- Linearity: Schnorr signatures provide a simple and effective method that allows multiple collaborating parties to produce a signature that is valid for the sum of their public keys.
The collaboration technique or key aggregation “is the building block for various higher-level designs that improve efficiency and privacy, such as multi-signatures and others,” the Github description adds.
The Schnorr signature scheme is combined with MAST (Merklized Alternative Script Tree), which essentially creates a new scripting language called Tapscript. The Taproot activation page on Github now says: «Taproot locked. Thank you miners. “After Taproot was activated, a large number of crypto followers discussed the implementation on social media.
The Taproot upgrade for Bitcoin has officially [been] activated, “bitcoin investor Anthony Pompliano twitret after the upgrade. “Congratulations and thanks to every developer, miner and Bitcoiner who made this happen.” Another person named ‘Hashoveride’ twitret:
Taproot activated! Bitcoin upgraded! This is how consensus is formed and upgrades are made! Incredibly slow, non-controversial and not forced. You know better. [Bitcoin] ready to fly.
Bitcoin developer Pieter Wuille: ‘At Long Last, BIP341 / 342 (“Taproot”) are active on Bitcoin Mainnet’
Bitcoin Core developer Pieter Wuille also discussed the successful soft fork on Twitter and thanked all the network participants.
“Finally, BIP341 / 342 (” taproot “) is active on the Bitcoin mainnet. Thanks to everyone involved for getting us this far,” Wuille twitret. “The real work will be to build wallets / protocols that build on top to take advantage. I’m very excited to see where it takes us, the Bitcoin developer added. Other bitcoin fans shared data of taproot used in nature. For example, Alekos Filini wrote:
A modified version @bitcoindevkit made this transaction. It is a taproot script using a 1-by-2 multisig that uses the new `OP_CHECKSIGADD`. Looks like this is the first `OP_CHECKSIGADD` ever used on Bitcoin! This is the third Taproot script in the block, but the two that came in before did not use that code.
In addition, the blockchain analysis Open Exploration Tool (oxt.me) tweeted about Taproot usage on the Bitcoin blockchain after the successful implementation. “It’s happening #Taproot,” the oxt.me Twitter account so, shares a taproot usage diagram. Bitcoiner Lyle Pratt also talked about the benefits of Taproot and explained why he was excited.
“[Three] reasons why I am personally enthusiastic about Taproot, ”wrote Pratt. “1) The upgrade process gave us a great recipe for future upgrades. 2) taproot will help spread new DLC services and utilities, eventually bringing them to Lightning. 3) 1 million + participants multisig-federation is now possible. “
When asked by another person what the benefits of federated multi-sig would be for many participants, Pratt responded by noting: “Much more decentralized groups of signers or oracles are now possible. Pre-traprot ca ~ 15 p2sh signatories were the practical limit. “
What do you think about the successful implementation of the Bitcoin upgrade Taproot and the community’s opinion about the latest soft fork? Tell us what you think about this topic in the comments section below.
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