Bitcoin (BTC) is a work in progress. The developers are doing a number of proposals for the network, as well as the protocol to improve it. One of these is the Taproot. With this technique, it should be possible to make it easier and better to smart contracts to use bitcoin.
Who’s the smart contracts (applicable law) says, it is called semi-automatic Ethereum. This is a feature that allows the network by Vitalik Buterin in. And in particular, the contracts by the ERC-20 ERC-721-standard: (non-fungible) tokens.
But with bitcoin, you can, the smart contract will stick. Exactly how this works, you can read it in this article.
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Bitcoin and the Taproot
These smart contracts can be, for example, with Taproot on the bitcoin blockchain stuck. The first proposal was submitted by the former TOWN of Blockstream. Gregory Maxwell, a Bitcoin Core developer, and he wanted to have the flexibility of using smart contracts on the Bitcoin improved.
The goal of the Taproot is to provide an extra layer of privacy to the contract by the smart contract will have to be split. The most sophisticated smart-contracts are not to be distinguished from a normal regular transaction on the blockchain that is processed.
In order to do this, there are several parts of the bitcoin network, which is an upgrade, had to have surgery. These are set out in the proposal of Maxwell (and other developers).
Bitcoin is improving
It’s been a couple of months ago that the Taproot of the community, it was introduced by means of an INTERNET to: a Bitcoin Improvement Proposal. It consists of a series of improvements and/or changes which Taproot can be activated.
First of all, it is the principle of the P2SC is important. The second is the MAST attached to it; and thirdly, the Schnorr signatures is an essential part of the Taproot to update. Don’t be anxious: listed below are the previous terms will be short and to the point explanation.
Pay-to-ScriptHash (P2SC)
In fact, it is the Taproot of a technical way to make the scripts with a digital signature, too. This allows the output of a transaction is equivalent to a Pay-to-ScriptHash (P2SC).
Each BAC is composed of a piece of code in the blockchain. In this terms and conditions of the transactions that can be done. A kind of rules of the game. In order to send, you need to have a digital signature.
In 2012, the script-transaction is no longer visible, only the owner of the coins, to know how they can be issued. This may be due to the P2SH. Only the hash of the transaction is in the blockchain. If you are in a transaction, is an evidence to you that the “solution” of the hash in your possession.
If the transaction is to be sent, is the data open to the public. This has two disadvantages: the information may be “large” or “many”, and the second drawback relates to privacy. You can then use the open the blockexplorer to see exactly how, when, and where the transaction occurs.
Merkelized Abstract Syntax Tree (MAST)
How do you create a smart contract in a way that it is simply a digital signature that is?
As a solution to the MAST have been proposed. This is a Merkelized Abstract Syntax Tree. Simply put, it splits every attribute of an item (or smart contract), and before that there is a total eindhash of being created. This eindhash is also known as the Merkle root is referred to.
It can be used for certain parts of a transaction is invisible if so desired. Privacy of of options so.
Schnorr Signatures”.
Then it was a part of the INTERNET is also an upgrade version of the Schnorr signatures.
The Schnorr signature in 1991 and is patented by Claus Schnorr, and the patent expired in 2008. With the help of a Schnorr signature with multiple signers, an aggregate public key to produce it.
Then, it can together be signed with a single signature, in the place of each public key and each signature individually on the blockchain to publish it. This is a schaalbaarheidsoplossing and, once again, is a plus point in terms of privacy.
This is a type of digital signature that makes it, in turn, to that of a tower transaction to be disguised as an ordinary transaction. To an outsider, it is hidden from view.
The principle of these two features of the INTERNET, the Taproot as possible.
Taproot
With a Taproot to see each and every bitcoin transaction is exactly the same. Whether it’s a simple fee, or it’s going to be a one of a complex smart contracts.
Using Taproot, you can have a simple P2SH combined with a Merkle Tree structure. Is a complex script so in the end, in a flexible way, a bitcoin transaction to be casted. The amount of the transaction will be minimized, and the privacy is improved. With Schnorr Signatures in batch signature.
The code is now ready to be implemented. However, for the Taproot is also agreed by the Schnorr Signatures, and this is a fundamental change in the blockchain. You could be ‘in terms of impact, to be able to compare it with the SegWit update to take effect.
At this moment in time, the network will still have the STRENGTH. It stands for Elliptic Curve Digital Signature Algorithm.
In the meantime, there is also a proposal has been made for the Generalized Taproot‘. This is a special case of the principle of the Taproot. This is Graftroot, a variant of the Taproot.
Source: Blockonomi and BitcoinMagazine
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