Discover and read the best of Twitter Threads about #taproot

Most recents (21)

Suspend your personal bias about Andreas, this is a detailed explanation of Covenants and BIP119 CTV.
There is a controversy around covenants.

Recursive covenants could implement white lists and black lists of pre-approved addresses, and non-approved addresses, or two different categories of spendable #bitcoin. This would makes bitcoin non-fungible.
You may end up creating a situation when you can not only limit the next transaction, but limit it in such a way that it limits the transaction after it, which limits the transaction after it etc.
Read 35 tweets
암호화폐와 스마트컨트랙에서 '코드가 곧 법'인 이유는 한번 블록체인에 올리면 되돌릴수가 없기 때문이다. 만약 bug 가 발견되면 개발자들이 코드를 업데이트 할수는 있지만 그렇게 되면 블록체인을 하드포크해서 새로만든 스마트컨트랙에 다시 적용해야한다.
🧵 /1
때문에 웹 3.0 세계의 디폴트 문화는 DYOR이다. 유저에게 높은 자기책임이 요구되는 것이다. 코드가 투명하게 공개되어 있기도 하고 다시 뜯어고치는것도 복잡하니 애초에 사용하는 사람이 리스크를 잘 따져보고 써야한다. 만약 스마트컨트랙 취약점을 노린 exploit 이 발생하면 유저 책임도 크다. /2
지금"웹 3"테마로 나온 플젝이 편한 사용성, 빠른 속도, 문제가 생겼을때 해결해줄 운영진, 이런걸 먼저 내세운다면 번지수를 잘못 찾았거나 그냥 마케팅이다. 탈중앙성, 권력의 분산화, 이딴거 중요치 않다고 말하는 서비스는 믿고 걸러도 된다. 웹3도 아니고 플랫폼도 아닌 애매한 것이 더나쁘다. /3
Read 10 tweets
#Bitcoin Taproot 101: The first BTC upgrade in 4 years

Here's everything you need to know about Taproot.

A thread 👇🧵
2. Taproot is the first major upgrade to #BTC since 2017.

Using a private key to provide a signature, users can utilize their bitcoin.

However, more complex transactions require multiple signatures. All of these signatures and data become public on the ledger.
3. This adds a lot more data to the chain, while possibly exposing sensitive data to people.

This also allows for government or third party tracking.
Read 9 tweets
1/ #LAYER2ROUNDUP: In Jan, both protocols had a slew of big announcements:

🌋 #BitcoinBond update
🥕 #Taproot on @Liquid_BTC
🏛 New #LiquidFederation members
🇦🇷 @ln_strike launches in Argentina
⚡️ Anniversary of the #LightningNetwork whitepaper

Let's review and more👇🧐
2/ Network capacity for both the @Liquid_BTC and #LightningNetwork continued to expand, LQ (3,528) / LN (3,399), reaching new highs for a combined capacity of 6,927 #Bitcoin.

Year-over-year, network capacity has grown LQ 25% / LN 290%, respectively. 🌊⚡️
3/ On the eve of the #LightningNetwork whitepaper's sixth anniversary, @jackmallers announced the Lightning-powered app @ln_strike was to begin rolling out in Argentina, one of many Latin American nations battling inflation and economic uncertainty.…
Read 18 tweets
1/ #LAYER2ROUNDUP: Last month, Lightning implementations #clightning and #LND rolled out major updates, and @Liquid_BTC took centerstage at @AdoptingBTC for the #BitcoinBond announcement.

Combined #L2 capacity also reached a new high of 6,661 BTC (~$377M).
2/ We begin at the @TABConf in Atlanta with a #LightningNetwork panel - @alexbosworth, @gkrizek, @niftynei, and @TheBlueMatt - who discussed off-chain scaling, privacy on Lightning, and liquidity ads.

3/ #Liquidityads are a spec proposal that allows Lightning nodes to source inbound capital via the gossip protocol.
Read 18 tweets
Most #cryptocurrency exchange owners and #newschannels in #India seem to be pretty much clueless about what the exact definition of a private cryptocurrency is.

Thread continued👇
This confusion and chaos has been driven by the recent #hysteria about the government apparently confused whether to do a #cryptoban or #regulatecrypto.
All those news articles that sprung up about the #fakeban, initially were based upon this generic understanding that all #cryptocurrencies are private in nature.
Read 13 tweets
@solomonking @Sherrytums @tmsruge @StoneAtwine I've been roped in indeed. Lots to unpack here. Let me stream my thoughts in a series of tweets

• on the Cantillon Effect: its negative effects are further exacerbated by the US decades-long championing of trickle-down economics (horse and sparrow theory, Reaganomics, etc)
@solomonking @Sherrytums @tmsruge @StoneAtwine • on arguments that #BTC exacerbates the Cantillon Effect: I beg to disagree. Its open protocols, rules and network level the playing field and don't discriminate. #Bitcoin monetary policy never change despite attempts by governments and the rich and powerful to manipulate it.
@solomonking @Sherrytums @tmsruge @StoneAtwine • on crypto daily utility concerns: take El Salvador as a study case. Also, $ETH is a shitcoin. Gas is a scam. Not even Eth2's Beacon Chain merge with mainnet will fix this gas issue. #Taproot upgrades and future #Bitcoin Improvement Proposals (BIPs) will bring feature parity. Image
Read 6 tweets
With Block 709632 being mined, #Bitcoin Taproot upgrade just went live.

So, what is #Taproot? Why is this a significant upgrade?

Here’s a thread on everything you need to know
4 years since the SegWit upgrade paved the way for the Lightning Network, Taproot is a significant upgrade to Bitcoin.

This consists of three major Bitcoin Improvement Proposals (BIP) - intended to improve the privacy, security and scalability of the Bitcoin Network.
These are:
•BIP-340 - Schnorr Signatures
•BIP-341 - Taproot
•BIP-342 - Tapscript
Read 13 tweets
0/ I will explain in simple english, how #Taproot builds the foundation for robust, private smart contracts on #Bitcoin that actually works.

This is a short thread and I will skip most technical details.

1/ Taproot hides the conditions that make up the contract.

Contracts (digital & real) are private deals between a group of participants and it is necessary to ensure that the outside world doesn't get to see what the conditions of the contracts are.
2/ With Taproot a large number of participants can come together to create, execute a contract AND ensure that it simply looks like a normal transaction in the public view.

This kills 2 birds with 1 stone: Privacy and the computation + data storage requirements on the main chain
Read 6 tweets
1/13. #Bitcoin's Taproot upgrade is < 1 week out (block 709,632 - Nov. 14), meaning the network will undergo a historical upgrade that will enhance Bitcoin's smart contract flexibility, transaction efficiency, privacy, and security.

So, what's Taproot? A quick thread 👇
2/13. #Taproot is the first #Bitcoin soft fork since SegWit paved the way for the Lightning Network in 2017. The soft fork packages 3 BIPs that synergistically empower users and roll out the red carpet for vast innovation on Bitcoin:

✅Schnorr Signatures
✅ Taproot
✅ Tapscript
3/13. BIP340 (Schnorr Signatures) introduces a more secure, light, and flexible cryptographic signature that enables "key aggregation," a technique that ensures single-sig transactions, multi-sig transactions, and complex smart contracts are indistinguishable on the blockchain.
Read 13 tweets
Continuing #Taproot series.

#2, pt 1/6. Taproot introduces new “common signature function” for signing tx with BIP-340 Schnorr signature. This function may be re-used in a future soft-forks (simplifying implementation/code review). It provides two ways of changing signing algo:
#2, pt 2/6. First, for incremental updates, where we do not change the order of data signed, but append new data to the end, we can use so-called *ext flag* - a value in range 0-127 passed as a parameter to the common signing function.
#2, pt 3/6. Tapscript (BIP-342) already uses this mechanism to add to the signed data commitment to a specific key serialization algo (which may change with future updates), script branch version & code (via tapleaf_hash) and code separator.
Read 6 tweets
#Taproot is coming. Each day before taproot activation I will publish mostly unknown tech insights into what taproot brings.

#1, pt 1/5. Taproot introduces new versioning for bitcoin script (as many know). But do you know that each taproot branch may have a different script?
#1, pt 2/5. Moreover, taproot separates script versioning from witness versioning. I.e. in witness v5 we may have something like three script versions - or today v1 P2TR output may have a script condition for future versions of script
#1, pt 3/5. The new script versioning system is named *leaf version*. Current leaf version is 0xC0, meaning BIP-341, aka “Tapscript”. Yes, taproot can work not only with tapscript/BIP-341, but other future standards!
Read 5 tweets
Hilo 🧵- ¿Qué es RGB?
Nos vuela un poco el 🥥 pensar lo siguiente: Smart Contracts sobre #Bitcoin y Lightning Network.
Si lo anterior llamó tu atención; te invito a echarle un ojo al siguiente hilo, sigue. 👇 Image
1- 🧵- ¿Qué es RGB?
RGB es un protocolo diseñado para permitir la construcción de contratos inteligentes, escalables y confidenciales sobre la red #Bitcoin y la red de Lightning Network. Image
🧵2- La idea de RGB es la construcción de las bases fundacionales para llevar a #BTC al siguiente nivel de utilidad. Esto incluye la capacidad de crear tokens de forma sencilla, NFTs, DEXs y mucho más, todo ello desplegado sobre las capas L1 (mainnet), L2 (Lightning Network). Image
Read 32 tweets
The next #Bitcoin growth narrative and parabolic growth trajectory will come from a community focus on its near-infinite scaling ability as a payments and smart contract platform 1/
#Taproot and layer 2 solutions like Lightning and wrapped public chain assets (i.e. #EOS) will allow #BTC to leverage any architecture, network, or code base, making it not only the largest monetary crypto network, but the most universal in accessibility and functionality 2/
#BTC’s stable base layer and limited on-chain throughput is driving long term multi-layer solutions as opposed to incremental on-chain upgrades that only “kick the can down the road” and will never be enough for #BTC’s potential.
Read 4 tweets
Can 🍄MUSHROOMS🍄 help us understand Bitcoin?
Let’s explore some of the surprising parallels between #fungi and the #Bitcoin network:
In “Bitcoin is the Mycelium of Money,” @BQuittem theorizes that the key characteristics of the Bitcoin network (decentralized, resilient, and adaptable) echo the evolutionary strategies that fungi have used successfully for over 1.3 billion years. 🍄
Fungi are classified as an independent kingdom of life, just like plants and animals.

Scientists estimate that between 2.2 and 3.8 million species of fungi exist on #Earth – as many as 10x the estimated number of plant species!
Read 16 tweets
1/ A thread to understand taproot and its #Bitcoin improvements

“It doesn’t matter if you have nothing to hide. Because privacy isn’t about something to hide. #Privacy is about something to protect. And the thing to protect is a free and open society.” - Edward @Snowden
2/ Taproot is a very important update to the Bitcoin Core software. It is a backward compatible soft-fork, which might be locked-in in a few weeks. Locked-in means that the changes to the software will be activated automatically in November.
3/ First the miners need to signal their readiness. Those signals are looking very promising at the moment. 1815 blocks within a period of 14 days have to signal for taproot. If they do, taproot will be activated in November. There is no turning back.
Read 9 tweets
موضوع: نقش #اثرشبکه در پروژه های #کریپتوکارنسی
وقتی دارید پروژه های کریپتو رو بررسی می کنید، نکته حیاتی رو باید در نظر بگیرید که تا حالا چقدر این پروژه کاربردی بوده؟ چند شرکت، کاربر یا dapp از اون استفاده می کنند، میدونید که از ico های سال ۲۰۱۷ خیلی از پروژه ها مردند.
صرف یک ایده نمیتونه نشان کاربردی بودن پروژه باشه،کاربرد باعث ایجاد اثرشبکه میشه واثرشبکه محرک رشده، چرا قیمت اتریوم با اینکه مشکل مقیاس پذیری داره درحال رشده، چرا قیمت ایاس و ترون ضعیفتر از رقبا، افزایشی است؟چون کاربران وبرنامه های زیادی دارنداز اونها استفاده می کنند(اثرشبکه)
بعضی ها می پرسند کار دیفای کی تموم میشه؟ من میگم هیچ وقت، نیاز به کاربردهای دیفای همیشه وجود داره، آیا ممکنه روزی بیاد مردم وام نگیرند یا سپرده گذاری نکنند؟ هرگز، ولی خیلی از پروژه های دیفای هم از بین خواهند رفت مگر اینکه کاربران خود را زیاد کنند.
Read 15 tweets


Hora de entender o que significa TAPROOT 🥕

E como o #Bitcoin está para se tornar mais PRIVADO, FLEXÍVEL e PODEROSO.

Segue a thread pra entender 👇

🕵️‍♂️ Taproot é uma evolução técnica que traz mais privacidade e flexibilidade ao BTC.

Faz parte de um "pacote" (BIPs 340-342) concebido pra levar o SCRIPT pro próximo nível.

Script é a linguagem que define as "spending conditions" de cada UTXO 🧱

UTXOs que "pertencem" a um endereço multisig (multi-assinatura), por exemplo, tem "spending conditions" bem específicas (N de M assinaturas necessárias para mover o UTXO).

Hoje, na blockchain, dá pra reconhecer transações feitas com UTXOs destes.
Read 11 tweets
Last week, I co-hosted a @bitcoinmagazine clubhouse on #Bitcoin’s coming #Taproot activation.

Yes, there are differences in opinion. No, this does not resemble debates that have led to past network splits.

A quick thread on current consensus 🧵
2/ First, the context around #Taproot is very different than the debates that resulted in the #BCH blockchain split.

Nearly everyone agrees Taproot is beneficial for #Bitcoin, and there are (so far) no groups with meaningful objections to the proposal.…
3/ The disagreement is about aligning activation (in code) with project ethos

There are two proposed ways to activate:

LOT = FALSE: Gives miners a year to activate Taproot, then it expires.

LOT = TRUE: Lets users activate Taproot if miners do not upgrade within a year.
Read 11 tweets
I'm working through a thought experiment concerning #BTC and #ETH. It is totally theoretical and speculative but definitely has a > 1% of becoming a reality. So if you have exposure to either or both, GET IN HERE!

Would love others' input....
2) #Bitcoin and #Ethereum undoubtedly have some ideological differences. If you disagree with that statement, then the thought experiment will be lost on you and you may return to your alternate reality!
3) #BTC is far more #cypherpunk, rebellious, anti-state, defensive-minded, underground, and "bring down the banks/government/state"

#ETH is more speculative, less hostile, less "religious", more enterprise-friendly, and probably less inclined to subvert nation-wide regulations
Read 14 tweets
0/ The #cryptocurrency/#blockchain ecosystem is finishing the week in a flurry!

Below, I've condensed 19 of Friday's #crypto developments into one single #Twitter thread. All for your convenience. Enjoy!
1/ 🗽 New York State's D.F.S. granted both @LibertyX (fiat-to-#bitcoin service) and @RobinhoodApp (#crypto exchange) a #BitLicense to operate their respective businesses in the state of #NewYork. The latter also received a money transmitter license.…
2/ 📊 Social, peer-to-peer user #data network @3Boxdb has partnered with @AlethioEthstats to deliver the first #Ethereum block explorer with built-in social profiling functionality.

Can't wait to give this a try. Such a neat, value-adding integration for the budding #web3 space!
Read 20 tweets

Related hashtags

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!