Does Taproot Actually Enable Smart Contracts On Bitcoin? The Debate Rages On
Was it irresponsible of us to state that Taproot would “enable smart contract deployment”? Maybe it was. Bitcoin received its first major network upgrade since 2012, and users and publications alike are still trying to figure out what Taproot means for the ecosystem. To complicate the picture even further, Layer 1 received the changes and […]
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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 process chosen for activating Taproot is detailed in BIP 8, and it includes a debated option called “lockinontimeout” (LOT).
"The two things to know about smart contracts is that they’re dumb, and they’re not contracts." This statement from Harvard Berkman Center's Patrick Murck seems increasingly relevant in the wake of the collapse of The DAO. The ethereum-based fund was the largest smart contract issued to date, and its failure has led many to reconsider how ready the technology is for primetime. At their core, smart contracts facilitate decentralized applications by eliminating trust points. Because they automate existing processes, many believe smart contracts could someday lower costs across....
The Taproot upgrade was set for deployment after achieving a 90% consensus among the Bitcoin miners (mining nodes). Real-world use cases are one of the main adoption drivers for every crypto ecosystem, which also holds true for the Bitcoin (BTC) network. In the next seven days, the Bitcoin protocol will undergo a soft fork in the name of Taproot upgrade, which aims to improve the network’s privacy, efficiency and smart contracts capability. Taproot is Bitcoin’s first major upgrade since August 2017, which saw the introduction of Segregated Witness (SegWit) and resulted in the launch of....