Taproot Kicks Jevons Paradox For Bitcoin UTXOs Into Another Gear
The activation of Taproot will make bitcoin UTXOs more efficient, and much more widely used.The below is a direct excerpt of Marty's Bent Issue #1113: "Taproot kicks Jevons Paradox into another gear." Sign up for the newsletter here.While many on Bitcoin and crypto Twitter are squabbling over the semantics in regards to the definition of a smart contract and how expressive Bitcoin's smart contracting capabilities are, your Uncle Marty figured he'd take the discussion in another route and highlight the fact that Taproot activation should help kick Jevons Paradox as applied to bitcoin UTXOs....
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Taproot and Schnorr will be boons for bitcoin usability, allowing individuals to do much more with their UTXOs.
Created in 2018, The Paradox Group is the current number one blockchain advertisement agency in the UK. The purpose of the company is to offer high-quality marketing services, geared towards crypto entrepreneurs and established companies in the crypto and fintech industries. Projects in Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs), recent innovations in the crypto sphere, are currently among the top priorities of the Paradox Group. What is DeFi? Thanks to smart contract technology, introduced […]
Our exploration of the new superpowers Taproot gives to Bitcoin continues. Yesterday, we defined smart contracts and covered the functionality of the Taproot-enabled ones. To summarize, Taproot gives new characteristics to Bitcoin layer one that enable smart contract expressiveness in layer two solutions. Today, the topic is privacy. What happens on the blockchain stays there […]
The process chosen for activating Taproot is detailed in BIP 8, and it includes a debated option called “lockinontimeout” (LOT). The post Taproot Activation And The LOT Debate appeared first on Bitcoin Magazine.
The ‘Speedy Trial’ lock-in period for the Bitcoin network upgrade Taproot is now complete. Data from taproot.watch details the lock-in has been achieved and it was locked in at block height 687,285 and mined by the mining pool Slushpool. Bitcoin Taproot Lock-in Complete at Block Height 687,285 Taproot is coming this November as the web portal taproot.watch indicates that the lock-in period of signaling has finished. “This period has reached 1815 Taproot signaling blocks, which is required for lock-in.” The Taproot upgrade is considered one of the largest upgrades....