Bitcoin’s Taproot Upgrade
Bitcoin Taproot is about to kickstart on November 16th. This update will improve Bitcoin significantly with faster, cheaper, and safer transactions.
What is Taproot?
It is a soft fork proposal to enable Bitcoin payment through Schnorr public key.
Schnorr public key
Schnorr Signature is an improvement of the existing Bitcoin signature system. It requires a shorter signature and the private key is intractable.
Shorter signature
The shorter the signature, the shorter the hash function. The file size of the hash function can be reduced from 512-bit to 384-bit while the security level is the same. It significantly reduced the space by 25% and increased the speed of transactions by 25% or more.
Intractability
The idea is that a Bitcoin private key can be shared among multiple people with multiple private keys with multiple signatures (multisigs) to increase its security concerns. As long as there are more than the majority of private keys to access the account, the wallet can be opened. It prevents any traceable public ledger and possibly only one private key to access the wallet and to prevent a single point of failure.
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