TapRoot Update Has Been Introduced To Solve The Problem Of Network Congestion And Protect The Privacy Of Users In Complex Bitcoin Transactions.
According to Decrypt, after the 2017 update (2017) that led to the Bitcoin network hard fork, TapRoot has been introduced as the most important update. This update is not so controversial, But the changes in the largest block of China a world is worthwhile.
What is addressing?
China Blocks Bitcoin is composed of computer code, and when a transaction is submitted, Kevin is really in a bound script. These commands specify how the blockchain works and usually create a signature using a private key to prove that someone can spend bitcoins.
But people can create more complex transactions, codes that indicate agreement between sender and receiver. This type of transaction requires multiple signatures or a waiting period called a “time lock” before spending coins.
Once the coins are spent, the scripts are publicly released on the Bitcoin network. This spreads a lot of information on the crowded bitcoin network, and some of the information of the people involved in the transaction is exposed to the public.
As a result, Chinese blockchain tracking companies such as CipherTrace and Chainalysis, which provide this data to government agencies, become easier.
What does Tap Root do?
With Tap Root, anyone can turn complex transactions into standard, simple transactions. They can do this by combining their public keys, creating a new public key, and combining their signatures to create a new signature. This process is done through a tool called “Ashnor Signatures.”
What are the benefits of Tap Root?
In complex transactions, Tap Rout increases people’s privacy and reduces the amount of data required. This will reduce the cost of bitcoin transactions that have increased as a result of its popularity.
Privacy in applications such as Kevin Swap that use time-locking contracts is enhanced by using Tap Root. TapRoot hides the origin and destination of the transaction by merging bitcoin transactions.
This is also used for the Lightning Network (the second-tier network that integrates bitcoin transactions out of the chain). In addition, programs become more private thanks to tapping roots.
According to one of the creators of this update:
I believe this new mechanism creates as much privacy as possible for some smart contracts and simplifies them like payments.
So who was Tep Ruth’s idea?
TapRoot was proposed in 2018 (1397) by George Maxwell, who is one of the main developers of Bitcoin. At its core is Bitcoin Core, an open-source program written by Blackstream that Maxwell was once the company’s chief technology officer. This outstanding program makes it possible for anyone to interact with the Chinese blockchain. For example, by downloading the BitcoinCore app, individuals can validate Bitcoin blockchain transactions.
What is the current situation?
Bitcoin miners must send a signal within two weeks of their support for Tap Root (the difficulty of extracting bitcoins every two thousand and sixteen blocks, approximately equal to two weeks, is adjusted depending on the speed at which miners create new blocks). The goal is to create a new block in an average of ten minutes.
To perform this upgrade, ninety percent of the extracted blocks must contain a signal called the “signal bit” in the said period. Thus, miners had until August 11, 2021 (August 20, 1400) to approve Tap Root and vote; But after two unsuccessful attempts to reach the required 90% threshold, and after two months, on June 12, 2021 (June 22, 1400), they achieved their goal.
If all goes well, Tap Root will be implemented on the Bitcoin network in November 2021 (November 1400).
Why ninety percent
Bitcoin is a global project with millions of stakeholders, including developers, miners, organizations, and individuals; For this reason, the formation of fundamental changes requires extensive purchases. However, by approving the Bitcoin Improvement Proposal (BIP), this support can be provided by anyone and is done by changing the code in its protocol.
Some turned to BIP9, which depended on miner support, and some to BIP8, where updates were made without the need for miners. Finally, members of the association in public meetings approved a proposal called “rapid testing.” Under the proposal, the miners had three months to record the signal and reach the 90 percent threshold required to activate Tap Root.
Luke-GR, the developer of BitcoinCor, slightly confused the market by opposing the proposal and insisting on a consensus on BIP8. He developed software that allowed operators at each node to activate Tap Root early.
Another Bitcoin developer, Matt Corallo, described the program as “an unaccounted fork of a bitcoin book with different rules by consensus” and “a great way to turn bitcoin into two different tokens and confuse them.”
Who does not support Tap Root?
Edward Snowden, a former National Security Agency contractor who leaked the US phone surveillance program, told the Ethereal meeting in May 2021 that Tap Root might even reduce bitcoin privacy. Most Bitcoin developers disagree with this assessment; But the offer, despite its drawbacks, brought the nature of bitcoin closer to digital cash than ever before, and that made it popular.
When was the last major Bitcoin update?
The Segregated Witness update in 2017 was the last major update to the Bitcoin network. The purpose of updating Segway was to speed up the Bitcoin blockchain by removing data from some transaction signatures and creating more space in their blockchain.
Some believed that Segway had turned bitcoin into a machine for investment rather than a usable currency and did not consider it sufficiently suitable for bitcoin.
They believe that bitcoin requires larger blocks for faster and cheaper transactions. So the group created Bitcoin Cash by performing a hard fork. TapRoot is more popular than Segway; But how to do that is a big challenge.