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8 basic facts about Taproot
143 sats \ 3 comments \ @cryotosensei 2 May 2023 bitcoin
8 basic facts about Taproot
  1. Taproot was an upgrade that enabled smart contract initiatives for the Bitcoin blockchain in 2021. The efficiency of BTC transactions was also enhanced, as was the privacy.
  2. It was composed of three Bitcoin Improvement Proposals, namely BIP340, BIP341, and BIP342. These BIPs were interdependent as the benefits they created built up on one another.
  3. BIP340 enhanced privacy within the blockchain by allowing several public addresses and signatures on the same transaction to be consolidated into one single transaction called a Schnorr signature.
  4. BIP341 made possible the opening or closing of a payment channel on the Lightning Network.
  5. BIP342 boosted the efficiency of the BTC blockchain because it enabled the batching together of various signatures for verification. Such batching facilitated the development of smart contracts on the BTC blockchain.
  6. Taproot was activated on November 14, 2021 at Bitcoin block 709,632. The last major Bitcoin upgrade was SegWit in 2017.
  7. In April 2022, Bitcoin Core 23.0, the then-latest update of the software originally created by Satoshi Nakamoto in 2009, empowered users to choose the new Taproot wallet type when creating a new Bitcoin Core wallet.
  8. Because the Taproot upgrade decreased the cost of storing arbitrary data, it brought about the development of Bitcoin Ordinals as users inscribed the data they wanted - up to 4 MB - onto Bitcoin block space.
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65 sats \ 2 replies \ @rijndael 2 May 2023
was this list generated by GPT?
  1. depends on how its used
  2. 340 is schnorr signatures, 341 is spending rules, 342 is taprscript
  3. I think you're confusing schnorr sigs with Cross-Input Signature Aggregation (CISA)? schnorr is a pre-requisite for CISA, but we dont have CISA yet
  4. huh?
  5. huh?
  6. yep.
  7. sure.
  8. Not really, Segwit gave us the witness discount, Taproot removed script limits, saved something like 10-15% in storage cost, the bigger benefit is encoding complexity.
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2 sats \ 0 replies \ @0260378aef 2 May 2023
Thanks for saving me the effort.
This list is bad, not only because a couple of the entries are wrong and a couple are misleading, but because it's called "basic facts about taproot" ...
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0 sats \ 0 replies \ @Murch 2 May 2023
Yeah, 100% with what rijndael said. OP should be deleted.
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