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As of noon on November 14, the Bitcoin Taproot revision was completed at the level of 709632. This milestone marked the entry of Bitcoin into the Taproot era.

Are there any improvements to updating Bitcoin Taproot?

The latest major technology update for Bitcoin is Segregated Witness SegWit, launched in 2017. The latest update is mainly to measure the Bitcoin blockchain internally, and the signature data in the block header is removed from Segregated. Greece to be ordered on a large scale.

Unlike previous updates, the Bitcoin Taproot update is more important because the new Bitcoin Taproot update introduces Schnorr signatures and MAST standards to improve the security, privacy and nature of Bitcoin in all respects.

signe Schnorr

Bitcoin Taproot update includes Schnorr, a new type of signature algorithm. In the past, transactions had to be signed by all users for the exchange, but most parts of each transaction can find an address, and secrecy and security features are also weak. A new signature algorithm compresses multiple processes and combines multiple signatures into one to create a second signature. It makes the business look like a regular business, but it can have a lot of business. many diseases.

mast model

The Bitcoin Taproot's changes have the MSAT model. Merklies Abstract Eyntax tree (weight) is a pretty sytax decision. It comes from a mixture of trees with abstract and wooden melkle.

Simply put, MAST allows any piece of exchange or smart contract to be delivered before all of the content has been hashed. When a Bitcoin exchange occurs, merge the branches and connect the hash branches to a smaller Merkel base to reduce the exchange rate and increase block space. And MAST can be set differently for different exchanges. In other words, he knows the smart contract is working.

What are the long term effects of changing Bitcoin Taproot from Bitcoin?

Development of the Bitcoin ecosystem

While Bitcoin is unique in many ways, he has emphasized in the industry that it is not good for Ethereum in the absence of a trading platform that can solve real world problems. In fact, in order to provide a profitable and profitable trading experience on the Bitcoin network, we have to use smart contracts to work. Perhaps one of Bitcoin's current weaknesses is the lack of smart contracts, preventing the Bitcoin ecosystem from moving forward.

However, once the Bitcoin Taproot upgrade is complete, a smart contract can be 'connected' to Bitcoin. Specifically, this innovation allows Bitcoin to go from its initial point-to-point electronic cash flow to infinity. Programs currently running on the Ethereum network can theoretically be deployed on the Bitcoin network, pushing the boundaries of how Bitcoin data is used.

Improve Bitcoin Payments

The reason Bitcoin cannot be used as a payment method is because market acceptance is slow. For Bitcoin to have a payment function, it needs to be extended and improved. And this improvement supports Bitcoin's reduction potential through Schnorr's signing strategy. This is because Schnorr creates multiple public keys in a single signature, reducing the share of Bitcoin blockchain sites on each exchange.

In other words, in terms of byte ratio, the critical Schnorr population is 32 bytes, which is 1 byte less than before the introduction of Schnorr. Regarding the sign length, the length of Schnorr is 65 bytes, which can save 6-7 bytes compared to before the introduction of Schnorr. Upgrading Bitcoin Taproot saves Bitcoin users time and money by saving resources. With such a large number of users and Bitcoin market volume, saving 1 RMB per Bitcoin user can save 100,000 RMB per 100,000 Bitcoin users, the benefits of improving it greatly.

The taproot changes can be seen to improve Bitcoin payments by expanding and improving Bitcoin.

Increase the security and reliability of Bitcoin

For traders, modifying Bitcoin Taproot could make Bitcoin more attractive, in large part because of Schnorr's new signing and the MAST protocol to increase privatization, making the Bitcoin market more secure and reliable.

On the other hand, this update introduces Schnorr, which is easy to use. From the outside, everyone can only see one signature, so the information is completely hidden. Confidentiality is no longer present because the participant's information is not visible. Meanwhile, this update also introduces MAST. These characteristics can be included in a sentence. If the conditions are not met, the data is not visible. Therefore, it is possible to reduce the unused data leakage capacity of Bitcoin by setting the necessary conditions for data access. Well, he hid the happy medium, but everyone knew what the business was doing, but didn't know who they were trading with, or how much money was spent on each business.

In addition, the MAST model can reduce data transfer. Specifically, the data exchange of MAST models increases logarithmically rather than linearly, which significantly reduces the size of the data. The reduction in big data reduces exchange rates, making Bitcoin more profitable and attractive to investors.

system

Although the Bitcoin Taproot update has completed successfully, the Bitcoin market now appears to be staying on top of this update, which is a good thing. The exchange is better than the other. Exchanges indicate that Bitcoin is coming of age.

After the upgrade, Bitcoin's stealth and smart contract scalability improved, and those improvements had a major impact. The author believes that the current Bitcoin market has provided some answers to this improvement. , Let's wait.