Bitcoin dev Peter Wuille unveils privacy related Bitcoin Improvement Proposal

posted 5 months ago
Prolific Bitcoin developer Pieter Wuille unveiled two new Bitcoin Improvement Proposals (BIP) that offer plans to possibly upgrade Bitcoin’s privacy. “Taproot” paves the way for privacy and scalability improvements to Bitcoin. Proposed changes that may be implemented together included Merkelized Abstract Syntax Trees (MAST) which improve Bitcoin smart contracts, and Schnorr signatures, which add another way to sign Bitcoin transactions, and Taproot, which adds even better privacy.

It’s important that these technical details are now public because more developers in the community can look at them and see if they agree with the changes. If the community agrees, the changes could go live, after being put together over several years. For a bit more detail, Wuille’s first BIP describes a “new SegWit version 1 output type, with spending rules based on Taproot, Schnorr signatures, and Merkle branches.” The BIP primarily describes the timing and methodology of the upgrades while “not adding any new strong security assumptions." While the second describes “the semantics of the initial scripting system under bip-taproot.”
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