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Taproot can hide existence of the transaction branch so you disclose it only if you use it, states Adam Back

Biraajmaan Tamuly



Taproot can hide the existence of the transaction branch so you disclose it only if you use it, states Adam Back
Source: Pixabay

Technological developments within the cryptocurrency space is an essential aspect for the overall growth of respective virtual assets. In terms of advancement, it is necessary that every digital asset continues to develop and enhance its security aspect, block size, fundamental operations and remain secure from any cyber threat.

Adam Back, CEO of BlockStream recently spoke about the impending Schnorr signatures and Taproot protocol that is going to be implemented soon on its blockchain network.

He stated that Schnorr signatures were going to be more like “compact” particularly for multi-signatures, where three signatures will attain the same size in one signature. One of the major advantages, as listed by Back, was that it would reduce fingerprinting, which meant people will not be able to distinguish on the blockchain between a two and two signature and a single signature for example.

Back also explained the importance of Taproot, a different idea to Schnorr, which would enable users to further avoid cases of fingerprinting.

Back stated,

“The typical pattern 99% of the time, only one branch is used and occasionally something will go wrong and you will have to use the other branch, so for the cases where the branch is never disclosed, Taproot can hide the existence of the branch so you’re only disclose it if you need to use it.”

Back added that Taproot also improved the privacy, fungibility so that more transactions look similar and it will be difficult for potential threats to distinguish between transactions. He also suggested that it can minorly improve the scaling aspect because the signatures were smaller and the multi-sigs looked like single signatures.

Additionally, Back indicated that certain extensions can be implemented to Bitcoin itself.

He said,

“As Bitcoin gets to be more modular and more layered in the same way that other protocols like the internet are organized.  With Bitcoin, there is already lightning for resource payments and liquids, which is is a side chain that blockstream has been developing.”

Moreover, Back did not indicate a specific launch date for the Schnorr signature and Taproot implementation and said that it should take place later this year or early 2020.

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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.


Facebook’s Libra ‘sounds an awful lot like Proof-of-Stake’ and will ‘run into Ethereum’s problems,’ claims Jameson Lopp




Facebook's Libra 'sounds an awful lot like Proof-of-Stake' and will 'run into Ethereum's problems' claims Bitcoin engineer, Jameson Lopp
Source: Unsplash

Facebook’s “The Libra Blockchain” whitepaper has created quite a frenzy, not only in the cryptocurrency ecosystem, but also with U.S. government officials. Some people claim that Libra is not a blockchain, while others claim that it is going to kill Ripple, XRP and other similar blockchains. However, Jameson Lopp had a different view, claiming that the Libra blockchain has not solved massive problems that Ethereum has.

Lopp in his Medium article dissected the whitepaper and stated that the Libra Blockchain will be controlled by a set of authorities in a top-down fashion and that it will eventually move from a permissioned to a permissionless blockchain. The blockchain will offer a global currency – Libra coin, which will be backed “with a basket of bank deposits and treasuries from high-quality central banks.”

Since the whitepaper mentions that it will eventually move towards a permissionless and an open system, Lopp speculates that it “sounds an awful lot like Proof of Stake” and like Ethereum, it will face the same problems. He said,

“Apparently the plan is to open up membership after 5 years and hopefully they’ll have figured out Proof of Stake by then… I expect they’ll run into the same problems as Ethereum!”

Lopp added that “Calibra Wallet,” which is used to store the Libra coins, is the only wallet that can hold the coins for now and that it will require strict KYC/AML compliance. Since the blockchain conveniently replaces “stablecoin” for “resources,” Lopp speculates that it will concentrate more on smart contracts since it is built on a custom smart contract programming language called “Move”.

In addition to facing similar problems as those faced by Ethereum, the Libra Blockchain is facing more issues from a political and a regulatory standpoint. There was a lot of speculation even before Facebook dropped the whitepaper.

According to Reuters, United States House Financial Services Committee Chairwoman Maxine Waters issued a statement to halt/pause any and all developments on the project, until and after the Congress and other regulatory bodies have finished reviewing it. A senior Republican, Patrick McHenry, is also calling for a hearing on Facebook’s new cryptocurrency.

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