What is Taproot and what are the benefits of Bitcoin?

Since the introduction of Segregated Greece, Taproot and Schnorr have signed a joint venture which has been a promising platform for improving technology in the Bitcoin community. Taproot aims to change the way bitcoin scripts work to improve privacy, scalability, and security. The combination of Taproot and another update called the Schnorr signature allows Bitcoin to be used for many other purposes.

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Anyone familiar with the cryptocurrency community knows that privacy, scalability, and security are now top concerns. Bitcoin is the most popular cryptocurrency in the world, but these issues have yet to be resolved. The taproot was also born.

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Although Bitcoin's value has fluctuated, it has proven to be a stable anchor for cryptocurrencies. No matter what happened years ago, like the Gox hack or Bitcoin's infamous hard crossover, the crypto community has always supported Bitcoin. However, some problems cannot be ignored. One of the biggest issues is privacy. Bitcoin is a public blockchain and anyone can monitor transactions occurring on the network. For some, that's a big deal. A combination of coins and technologies such as CoinJoins can result in anonymity. But unfortunately, this can make Bitcoin a private asset. Although Taproot can't do this, it does contribute to the site's anonymity.

Taproot reform is widely seen as the first major step in solving Bitcoin's lack of privacy and related issues.But what is Taproot and what are the advantages of Bitcoin? Let's dig a little deeper.

What is Tap Root?

Taproot is a soft fork to improve the performance of bitcoin scripts, which can improve the privacy of bitcoin and improve the content of various transactions.At the same time, it can support the operation of various complex functions of the Bitcoin network, including export closing time, multiple registrations and much more.Without Taproot, anyone can explore the transition using this difficult task that requires creating multiple tasks at the same time.The Taproot update will create a “hidden ear” that incorporates every bitcoin market movement that includes these features. So even if the industry uses these features, it will be like the industry. This is an important addition to private Bitcoin promoters.

In fact, Taproot can hide all characters of a complete Bitcoin script.For example, Taproot can be used to pay bitcoins on the Lightning Network through peer-to-peer exchanges or smart contracts. Anyone observing these changes can only see P2P activity. It should be noted that this does not guarantee confidentiality by changing the address on the wallet of the original sender and the final recipient.

Taproot was first announced in January 2018 by Bitcoin Core founder Greg Maxwell. Since October 2020, Taproot has put in the Bitcoin Core library after uploading an application developed by Pieter Wuille. In order to complete the upgrade, a group of employees will need to obtain the new Taproot approvals. Depending on how you adapt, this process can take months.

Taproot will be renamed another name, signed Schnorr. This not only uses Taproot, but also makes the long-awaited aggregate signature feature.

What is Schnorr Signature?

Schnorr Signature is a cryptographic hybrid signature concept created by German mathematician and cryptographer Claus Schnorr. Schnorr's algorithm has been patented for many years, but the patent expired in 2008.Schnorr signs are generally known for their simplicity and versatility in creating short names.The signature concept adopted by Satoshi Nakamoto (founder of Bitcoin) is the Elliptic Curve Digital Signature Algorithm (ECDSA).ECDSA was chosen by Algorithm Schnorr because of its versatile, easy to understand, secure, compact and open source interface.

However, the development of the Schnorr Digital Signature Scheme (SDSS) could be the start of a new generation of signatures on Bitcoin and other blockchain networks.

A key advantage of Schnorr Signals is the ability to capture multiple keys and generate signatures from the Bitcoin market.This means that the signatures of many exchange participants can be "combined" into a single Schnorr sign. This is called an aggregate signature.

What advantages can we bring to Bitcoin?

As we have discussed, Taproot will improve bitcoin privacy. When combined with the Schnorr signature, Taproot also increased performance when commercially terminated. In addition to improved privacy, benefits may include:

Reduce the cost of data sent and stored on the blockchain.

Blocks have multiple operations (increase TPS).

low operating costs

Other advantages of Taproot are:The signature is no longer a safe bet for the Bitcoin network.. In simple terms, the malleability of the sign means that the signature can be changed before the transaction is confirmed. This gives the impression that no change has occurred, which is the double-spending problem of Bitcoin, which can lead to inequity in the distribution system.

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Taproot is very promising and supports a wide range of bitcoin modifications. When used with Schnorr signatures, Bitcoin would be excellent in terms of privacy, scalability, security, etc. These innovations can also help Lightning Network become more competitive and achieve more signature industry standards.

Other privacy, efficiency, and security benefits will affect your Bitcoin experience, even if you are part of the Bitcoin community.

Do you have any other questions about Taproot and the Bitcoin Developer Strategy (BIP)? Welcome to the Ask Academy, the Q&A platform where the Binance community will answer your questions.