What's next to Bitcoin after Taproot?

The long-awaited Bitcoin developer of Fork Upgrade, Taproot, Privacy and Scalability, finally launched in November. Now that Taproot is open, it should be noted that the Taproot project is not yet complete and several BTC changes are in the works. What is Taproot Next?

So what's next after Taproot?

After tap root correction

Taproot is a major modification of Bitcoin, known as a "soft fork" which is rarely used in the Bitcoin arena.

Softforks are rare, but the last softfork before Taproot was SegWit, which opened to Bitcoin 4 years ago.

However, this is an important aspect of the innovation that will affect many leading Bitcoin companies and redefine the potential of open digital accounts.

Taproot trading needs to be changed to support Bitcoin wallets, exchanges, and other services. Additionally, there are a lot of taproot dependent changes that conforming developers have yet to make.

However, while some exchanges and wallets have yet to receive Taproot, some like BitGo and Blockstream Green are faster, and over 50% of the nodes that support Bitcoin are running modified software.

To understand the long-term future of Bitcoin,Let's look at another fork change in the pipeline.

SIGHASH_ANYPREVOUT

SIGHASH_ANYPREVOUT is detailed in Bitcoin Development Plan (BIP) 118. While the explanations may seem difficult, trading may not be as good as it looks.

In a sense, when signing up for a transaction, this allows for a new signature, allowing users to sign up for an exchange without adding any special rewards (e.g., coins). Not yet, in any case.

This change will resolve a number of issues, including those experienced through the Lightning Network. The Lightning Network is an overlay network for Bitcoin that improves scalability and speed of exchanges and reduces costs.

One problem with Lightning Network is that it has to store new data. Much like the loss of a private Bitcoin key, if a user loses this information, they will not be able to get their money back. The Eltoo Lightning Network Transformation app can help reduce performance, but would like SIGHASH_ANYPREVOUT to work fine.

SIGHASH_ANYPREVOUT paved the way for Eltoo, making Lightning easy to use.

Commitment (contract)

This agreement is an exchange for the Bitcoin code which restricts where users can send money. For example, the contract would prohibit the exchange of Bitcoin addresses except for certain parts of the free form.

Why should users limit their spending? There are several reasons.

One is security: contracts make it easier to recognize “products”. Even if thieves try to "take it", users can still get their money back, but it's just an app.

The contract can also help with accident management and channel operations, another plan is planned to further improve the development of the Lightning Network.

This is the main concept of the contract and there are many recommendations for the contract, each using a different approach, including “OP_CHECKTEMPLATEVERIFY” (described in BIP 119) and “OP_TAPLEAF_UPDATE_VERIFY”.

drive chain

A “sidechain” is an additional blockchain that has long been requested to be added to Bitcoin and forms a “link” to Bitcoin.

These side chains will include new and experimental technologies that Bitcoin does not yet have, such as the addition of zk-SNARK features similar to the zcash coin, allowing users to provide more privacy than Bitcoin. Users can close their secure bitcoins using the new coins on the side chain.

In the past, side chains were called "altcoins killers". Because sidechains provide a way to add new experiences to Bitcoin, they must reduce the need to deposit new coins to try out new strategies.

Drivechains is a derivative of this concept developed by scientist Paul Sztorc. In addition to documenting the proposed changes in the BIP 300 and 301, he and other developers have adopted working models of this concept.

However, Drivechains are a bit more controversial (Bitcoin protected) as some developers believe they can empower miners.

Aggregation of cross-entry signatures

Now that you've finished Taproot, you can add the signature assembly (sometimes called CISA) on top of that.

Digital signatures are an important part of Bitcoin. For a user to be able to send bitcoins, they must be able to "sign" bitcoins with their private key, prove they have them, and then be able to send bitcoins to others.

Taproot introduces the Schnorr signature which combines multiple signatures into one, reducing business overhead and improving scalability.

As such, CISA undertakes to authorize the signing of an exchange. One of the great advantages of CISA is that it can make CoinJoins cheaper.

CoinJoins is a way to improve the user experience of using personal wallets such as Wasabi and Samourai, by combining and "shuffling" coins from multiple users in a single transaction, making it difficult to identify the base pieces.

Now, CoinJoin is harder and more expensive than modern trading. But for the China Steel Association, the price will be cheaper. All market signatures can be mixed, reducing the cost of the CoinJoin exchange.

Ultimately, only time will tell if this deal turns into Bitcoin. Based on the specific strategies developed, communities will determine whether it is appropriate to seek positive change.