Bitcoin Global News (BGN)
August 16, 2018 -- ADVFN Crypto NewsWire -- As of now, it’s fairly
common knowledge that Bitcoin is not a Crypto network that prides
itself in its privacy features. If it was, then what would be the
point of the existence of PIVX, Zcash, and Monero, as well a slew
of others than claim to be your ideal stop for completely anonymous
transactions?
Thanks to Greg Maxwell, who is one of the
Bitcoin Network’s most well known developers, an idea to solve all
of this called “Taproot,” has been taking hold.
In January of this year, Maxwell
proposed the idea, couched in the promise that it could logically
enhance Bitcoin’s capability to hold up smart contracts. According
to the same announcement, the specific key benefit that Taproot
could offer the Bitcoin network related to privacy, is that when
multi-signature transactions are validated on the main chain,
Taproot makes them look like normal transactions.
Multi-signature transactions are
essentially just transactions that are signed by more than one
user, or in other words, more than one key. Basically, not all
networks support them, but those that do, usually also allow for
Crypto wallets that are controlled by more than one person. One
argument against such a practice is that it sacrifice’s some of the
user’s chances at security, related to his or her holdings and his
or her dealings on the network.
Going back to Taproot, on top of
all of this, in a report by Coindesk on the subject, it was
clarified that researchers believe Taproot
can make all transactions look the same.
If this turns out to be true, then
it truly will take Bitcoin private, thus eliminating the use case
for any sort of fork with the same idea in mind. The major thing
holding this idea back at this point is that according to the same
piece by Coindesk, for Taproot to reliably take hold, a technical
solution called Schnorr needs to
take place first.
In a nutshell, Schnorr connects
with Taproot because it reportedly gives the Bitcoin network the
ability to turn the data of all of the different, possible
signatures into one type of data. Therefore once Schnorr is
implemented, Taproot can be implemented, but until then, none of
this will happen.
By: BGN Editorial Staff
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