Enthusiasts Bitcoin gets Smart Contracts: That's why Tapoot's most important release has been the most widespread implementation of the Bitcoin protocol since 2017

12:25  15 september  2021
12:25  15 september  2021 Source:   t3n.de

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bitcoin core. Now version 22 was released with support for Tapoot. An important release for Bitcoin.

Bitcoin bekommt Smart-Contracts: Darum ist Taproot wichtigster Release seit 2017 © t3n.de Bitcoin gets Smart Contracts: That's why Taprot's most important release has been considered since 2017

Tapoot is considered the most important further development of the Bitcoin Blockchain since the introduction of Segregated Witness (Segwit) in 2017.

What is Tapoot?

Tapoot was presented for the first time in 2018 and should increase both the flexibility of smart contracts on the bitcoin blockchain as well as scalability and protection of privacy. Tapoot should go live live in November and then bring rudimentary functionality for smart contracts to the bitcoin blockchain. Tapoot brings some important changes to the backend code like a change in the cryptographic method in combination with Support for Merkelized Alternative Syntax Tree (Mast). These are improvements that can be assumed that they have not yet been priced in BTC due to their complexity.

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simplified is the update ensure that Bitcoin will provide more use cases in the future. It can be assumed that the ability to develop apps on the bitcoin blockchain will lead to even greater acceptance in combination with improvements in transparency, privacy, scalability and fungility.

What are Schnorr signatures?

Using a mechanism called Schnorr signatures, users can combine their public keys to create a new public key. Currently, Bitcoin uses the Elliptic Curve Digital Signature Algorithm to sign transactions. However, ECDSA signatures are prone to exploits and can not be compressed. The Schnorr signatures, however, can be compressed and can summarize multiple signatures in a. This alternative to the current multi-signature wallet for bitcoin significantly reduces the data volume for multi-signature payments and thus reveals the bitcoin blockchain.

What is behind Mast (Merkelized Alternative Syntax Tree)?

also mast scripts will reduce data volumes with bitcoin transactions with the Tapoot update, because they compress the data in a Merkle root. Complex transactions that would arise, for example, in future defi apps, are compressed in a single hash. Developers will code as complex scripts for lower gas fees.

In combination, mast and Schnorr ensure that bitcoin shakes the reputation, only to be digital gold. It can be assumed that the Bitcoin network will develop in the coming years, among other things, thanks to Tapoot to an ecosystem of different applications with similarities to Etherum.

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