New Proposals: Bitcoin Privacy Soft Fork Suggested By Pieter Wuille

Bitcoin developer Pieter Wuille has indicated two new upgrades for Bitcoin (BTC) recently. The upgrades are related to its scalability and privacy concerns. The real aim of launching Bitcoin (BTC) ) is to provide security by pseudonymous creator Satoshi Nakamoto, however, many analysts and developers have claimed and questioned about the real security and privacy which this asset is actually providing or not.

The famous cryptocurrency is considered a peer to peer and decentralized crypto assets which is acceptable by many in the global market. In spite of working on the decentralized blockchain technology Bitcoin (BTC) addresses and balances are still public and can be viewed on an open web block explorers like https://etherscan.io,https://www.blockchain.com/explorer.

So, here is the solution by Pieter Wuille.

On Monday, May 6, 2019, Pieter Wuille, on Github mailing list while creating awareness for the fellow developers mentioned that two taproots soft forks can be possible in the Schnorr signature upgrade to overcome the issues and uncertainties which Bitcoin community is facing.

Taproot- a code which is originated and designed to increase the privacy of Bitcoin (BTC). This function is first proposed by former CTO, Gregory Maxwell of Blockstream and possibly, since then various intellectual developers and Bitcoin core contributors among them are Pieter Wuille, Anthony Towns, Johnson Lau, Jonas Nick, Andrew Poelstra, Tim Ruffing, Rusty Russell, Gregory Maxwell effectively working on a Schnorr signature that is excepted to incorporate the functionalities of Taproot and that would include all the technical and related proposals which have the likelihood of improving Bitcoin’s performance such as designs, experimental results, scalability issues, privacy, etc., and making it a single protocol upgrade.

As per the information, the earlier ongoing work to bring more advanced functionality to the Bitcoin (BTC) network would include Merkelized Abstract Syntax Trees (MAST)- an important extension to pay to script hash towards improved and small bitcoin smart contracts which is presently very complicated to understand; Schnorr signatures- an alternative way to sign bitcoin transactions, and Taproot- for improved privacy in the upgrade.

Merkelized Abstract Syntax Trees (MAST) is proposed by Johnson Lau in early 2016.

In Wuille’s first Bitcoin Improvement Plan (BIP) he described the new SegWit version 1 output type which included spending rules grounded on Taproot, Schnorr signatures, and Merkle branches. However, the 2nd and the present Bitcoin Improvement Plan (BIP) includes the logical meaning of the initial scripting system under bip-taproot.

On Github, the sets of Taproot proposals are accessible and in no less time, the cryptocurrency enthusiast and community might witness the strong change in the functionalities of Bitcoin.