the Bitcoin Core Developer Schno has on 6. May a long-awaited Bitcoin Improvement Proposal is presented in which both Schnorr-signatures as well as Taproot play a role. What problems solves the Update, and why an implementation only in the combination can be done.

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8. May 2019BTC$5.923,00 0.97%Facebook Twitter LinkedIn xing mail

„It is to be minimized, as a lot of information about the Output conditions of a transaction are revealed in the creation of Outputs in the Blockchain. The effectiveness of do not affect future improvements, are also included a number of Upgrade mechanisms, as well as corrections for small but long-lasting problems.“

So the Bitcoin developers, and block stream summarizes staff Pieter Wuille the charm of his Soft-Fork Proposal. The Update includes both the famous Schnorr Signatures, as well as Taproot.

Taproot

According to the content of an E-Mail to the Bitcoin mailing list Taproot ensure that „all of the Outputs and the Cooperative Spends are distinguishable from each other“. This means that a Blockchain-can’t know the observer, whether one or more persons behind a Output. For the signatures, so the evidence that parties had the right, BTC to spend, bundles the Update so that you no longer are to be distinguished from „normal“ transactions from point A to point B to. The Soft Fork is a Privacy gain.

Furthermore, the Taproot is to disguise the terms and conditions of Smart Contracts on the Bitcoin Blockchain. In simplified terms, the issuers may change the Script of Smart Contracts using Taproot so that they are no longer recognizable as such.

Taproot improves the privacy of Bitcoin. Because instead of all the possible conditions for the output of the Outputs to be disclosed must only be the published met the Output condition,

Wuille summarizes the promises of the Taproot in the GitHub Repository.

Schnorr signatures

Schnorr-signatures are for a long time on the wish-list of Bitcoinern. Schnorr is to be understood in principle as a precursor of the Taproot, because it allows in a first step, the combining of various signatures. This is called Signature Aggregation. This is regarded as a precondition for Multi-Party signatures.

Furthermore, Schnorr allowed the so-called „Tweak“ of Private – and Public-Key pairs. In short, could the user generate the Key Pair, for example, with the factor of Two multiplying and so completely different couples. This also provides more privacy, because Bitcoiners can, theoretically, perform any transaction with a different Pair.

the two Updates might Combined in combination to ensure that network participants can continue in the future, Smart Contracts on the Blockchain, without information on the Contract conditions.

Both implementations would be as a Soft Fork is backward compatible. This means that those Nodes that do not update on GDP schnorr, can still be verified, as usual, transactions.

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