Bitcoin Developer Announces Two Privacy-Focused Proposals

0

Pieter Wuille, one of the foremost bitcoin developers, has unveiled two proposals that could see the cryptocurrency upgrade to introduce more privacy.

Wuille announced the two Bitcoin Improvement Proposals (BIPs) on Monday, and basically, a code change called Taproot.

The Taproot code targets increasing bitcoin’s privacy and should be activated together with Schnorr, another of the upgrades that developers have said will allow for more implementations towards improving bitcoin’s privacy and scalability.

Taproot and Schnorr are likely to be implemented at once via a bitcoin soft fork together.

For a while now, developers have mulled the implementation, alongside the other proposals aimed at improving bitcoin.

Now it appears developers are looking to implement these changes together, including having Merkelized Abstract Syntax Trees (MAST) that would enhance bitcoin smart contracts functionality on the bitcoin network.

Schnorr, on the other hand, adds Schnorr signatures as an alternative way of signing bitcoin transactions.

Wuille’s proposals regarding Taproot are available on Github and are an indicator that the developer community is finally piecing together the technical details the community would need to consider before agreeing on changes.

Once the bitcoin community agrees that the proposed changes are what the network needs, then such upgrades could go live following years research.

It is expected that the upcoming soft fork will be less controversial compared to the previous one where the activation of Segregated Witness (SegWit) saw some developers disagree with the changes.

However, even Bitcoin Cash (BCH) developers who opposed the SegWit code change have no problem with the Schnorr upgrade and are reportedly set to include its implementation in next BCH hard fork.

The first BIP Wuille has proposed describes a kind of “new SegWit version,” where the output has the bitcoin spend rules based on the three technologies of Taproot, Merkle branches and Schnorr signatures.

The proposal largely describes what the upgrade should consider in terms of timing and methodology, and has the Taproot and Schnorr updates going live without the inclusion of “any new strong security assumptions.”

Wuille also notes that the upgrade should not include additions in terms of “functionality” that could otherwise “simply [be] implemented independently.

The other BIP provides a description of “the semantics,” regarding the ‘bip-taproot’s’ scripting system.

While the soft fork will likely see implementations for Schnorr, MAST, and Taproot, Wuille noted in his email that at least one highly anticipated feature was not going to be part of the upgrade.

According to him, there are several ideas that could be incorporated, but some could still be implemented separately.

This last group includes ideas like the integration of “SIGHASH_NOINPUT,” a proposal that developers are currently looking at as one that can be implemented independently.


Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.

Leave A Reply

Your email address will not be published.