Taproot Activation Signaling Begins Starting with SlushPool, F2Pool, and Foundry

Bitcoin’s Taproot Activation Signaling Begins Starting with SlushPool, F2Pool, and Foundry

Bitcoin’s Taproot upgrade, a privacy and scalability improvement, has taken another step closer to becoming a reality.

After the code for Taproot’s “Speedy trial,” an activation method was merged into Bitcoin core last month, Taproot signaling on Bitcoin officially began over the weekend with the second and largest downward difficulty adjustment of 12.6% of the year.

Twitter CEO Jack Dorsey also tweeted the website “taproot.watch,” where you can check the support for the upgrade.

BTC.com produced the first block since it began, but it failed to signal. However, soon others joined in, starting with SlushPool, which has been operating since 2010.

SlushPool mined the first block signaling for Taproot, which was joined by Foundry, a US-based mining pool that is the subsidiary of Barry Silbert’s Digital Currency Group that also owns Grayscale.

The latest Taproot signal is given by one of the largest bitcoin mining pools, F2Pool. Along with the signal, F2Pool also embedded the message “Of course I hate the Bitcoin success,” the words said by Charlie Munger and agreed by Warren Buffett over the weekend during the Q&A session at Berkshire Hathaway’s annual shareholder meeting.

Miners basically signal their support for the upgrade by including particular data in the block they mine. Once 90% of blocks are mined during the current difficulty period, between now and August 11, Taproot will be locked in for activation at the end of the year.

Bitcoin developer Luke Dashjr urged the miner to signal their support ahead of time, saying, “Even though you don’t technically need to upgrade your Bitcoin node for Taproot until November, doing so sooner helps grow confidence in the activation.”

Before the Bitcoin core software release, Bitcoin developer Bitcoin Mechanic released an alternative Taproot activation client. Called “user-activated soft fork” (UASF), it allows node operators to reject miners not signaling for Taproot and mandatory activate it in October 2022. The inclusion of UASF in Bitcoin Core was what led to months of debate.

“Yes, there are differences in opinion. No, this does not resemble debates that have led to past network splits,” said Kraken editor Pete Rizzo referencing the SegWit upgrade in 2017 that led to the fork and creation of Bitcoin Cash (BCH). BCH 4.59% Bitcoin Cash / USD BCHUSD $ 1,017.78
$46.724.59%
Volume 3.52 b Change $46.72 Open $1,017.78 Circulating 18.73 m Market Cap 19.06 b
6 h Due to Increased Demand, Social Trading Platform Firm eToro Now Supports DOGE 8 h Bitcoin’s Taproot Activation Signaling Begins Starting with SlushPool, F2Pool, and Foundry 4 d Demand to Borrow Bitcoin Declining While Ether sees Significant Increase: Genesis Q1 Report

There are currently 42 signaling blocks, and 84.92% of the blocks have yet to signal their support.

As we reported, the majority of the miners (89.07%) had already announced their support as per the survey of Alejandro del la Torre, VP of mining pool Poolin.

Read Original/a>
Author: AnTy

Binance Supports Bitcoin’s Taproot Upgrade; Over 91% Mining Network in Favor Now

Binance Supports Bitcoin’s Taproot Upgrade; Over 91% Mining Network in Favor Now

The leading cryptocurrency exchange Binance has also announced its support for Bitcoin’s first big protocol change in three years.

Binance’s mining pool is fast climbing up the ranks, accounting for 11.23% of the bitcoin hashing power.

There are only two other mining pools, F2Pool and Poolin have a higher share at 19.28% and 12.49% respectively. Antpool and another exchange’s Huobi Pool are also among the top, but below Binance, with 10.05% and 9.71% share respectively.

Now, 91.05% of the total hashrate is in support of the Taproot upgrade that will bring privacy and smart contract flexibility to the world’s largest cryptocurrency network.

The last time such a big update was made to Bitcohttps://bitcoinexchangeguide.com/cryptocurrency-news/bitcoin/btc-price/in was in 2017 in the form of Segregated Witness (SegWit) that increased the block size limit, clearing up space or capacity to add more transactions to Bitcoin’s blockchain.

While the broad Bitcoin community is in support of this planned upgrade, there is yet to have a detailed activation plan to be settled upon as there are a few activation proposals.

Read Original/a>
Author: AnTy

82% of Bitcoin Mining Pools in Support of Taproot Activation

The majority of the Bitcoin hash rate is in favor of Taproot, the biggest upgrade to the largest cryptocurrency network since SegWit implementation in 2017.

This upgrade will expand Bitcoin’s smart contract flexibility while bringing more privacy to the network.

“Taproot has a lot of use cases that will help with user privacy, save on block space, and should marginally reduce the overhead to run a node,” noted a developer.

As of writing, A total of 82.05% of Bitcoin mining pools have announced their support. That number was sitting at around 30% just two weeks ago.

This has been made possible because of the biggest Bitcoin mining pools, Poolin, F2Pool, Antpool, and BTC.com, all of which account for 10 to 20% of the global hash rate in the past month. Combined, they account for more than 50% of the Bitcoin mining hash power.

When it comes to the exchange mining pools, Huobi, which has a share of more than 10%, has also given its nod to the upgrade. The mining pool of the leading spot exchange, Binance Pool, which accounts for just under 10% of Bitcoin’s total hash rate, is yet to announce its support.

It is basically the smaller mines that have to signal their support, although a few like ViaBTC, 58COIN&1THash, SlushPool, and NovaBlock, which accounts for 7.85%, 6.36%, 2.60%, and 1.04% share respectively, have given their yes.

So, basically, Binance Pool and SigmaPool are the only ones left.

Read Original/a>
Author: AnTy

Blockstream Reveals MuSig2; An Easy & Privacy-Focused 2-Round Schnorr Multisignature Scheme

As the Bitcoin Taproot upgrade approaches, a multi-signature solution is in development by Blockstream engineers, according to a medium blog post on Nov 4. Two engineers, Tim Ruffing and Jonas Nick said that they have already published a blueprint for MuSig2, an advanced version of the MuSig multi-signature scheme built to facilitate collective ownership of some Bitcoin and the creation of a single authorization signature.

Notably, Blockstream had debuted MuSig1 back in 2018 but is now seeking to solve communication shortcomings in the MuSig scheme’s initial version. MuSig1 brought in a privacy aspect that previously did not exist in the CHECKMULTISIG code; this version also reduced the transaction fees. However, this particular version had implemented multiple backs and forth signing process; something that Musig2 is designed to solve.

MuSig2 Non-Interactivity Signature

As highlighted, this MuSig scheme version introduces a less interactive signing process; to be precise, only two communication rounds are required. The initiative, which is currently undergoing a peer review, is set for presentation at the Real World Crypto Conference scheduled for next year. Per the blog, MuSig2 leverages a non-interactive signing approach to enhance the utility in MuSig1. It reads,

“As the name suggests, MuSig2 is intended to be the successor of MuSig1.

It offers the same functionality and security as MuSig1 but makes it possible to eliminate almost all interaction between signers.”

Basically, MuSig2 combines the best of MuSig1 and CHECKMULTISIG functionalities to provide an ecosystem with both privacy and efficient communication. With the Taproot integration around the corner, Blockstream is set to update the Schnorr signature code library by replacing MuSig1 with MuSig2. The blog also hinted that they might test MuSig2 on Taproot code earlier, in preparation for deployment on the Bitcoin Mainnet.

Read Original/a>
Author: Edwin Munyui

Taproot and Schorr Merged into Bitcoin Core to Enhance Privacy

Earlier today, Schnorr and Taproot proposals were implemented to Bitcoin Core.

The Bitcoin network rarely undergoes such big changes, but after a decade still, as the network continues to grow and mature, it innovates along the way.

The much-awaited updates to Bitcoin, when finally activated, will increase the leading cryptocurrency’s privacy features and enhance its transactional capabilities.

Last month, Bitcoin developer Pieter Wuille made a pull request, meaning other developers were invited to review the code before its release. Taproot proposal alone had more than 150 developers review the code.

After a month of testing, the proposals finally made it to bitcoin, as per commit history on Github.

The activation mechanism for these proposals haven’t been decided yet; once chosen, it may still take time, even a year, before it is activated.

Formally, these two updates are Bitcoin improvement proposals (BIP) 340 and 341, which represent perhaps the biggest changes to the network since Segregated Witness (SegWit) was implemented to increase Bitcoin’s block size limit in 2017.

Schnorr targets the size by combining multiple keys to a single one when facilitating transactions from a wallet while providing the added benefit of privacy.

Taproot allows Schnorr signatures to be used to allow new ways for users to define conditions to spend Bitcoin. This upgrade is designed to add smart contract flexibility to Bitcoin.

The Taproot implementation was also part of the Bitcoin 0.21.0 release, which also included support for Tor’s anonymous communication software.

Read Original/a>
Author: AnTy

Bitcoin Contributor Predicts Taproot, Privacy Feature Coming to BTC In 2020

  • “Taproot will be activated without much controversy” – Jimmy Song
  • Bitcoin dominance to be more than 75% at the end of the year
  • Altcoins to face the danger of fall in prices, delisting, and get 51% attacked in 2020

Before 2019 even ended, the predictions for 2020 started flowing in for the world’s largest cryptocurrency.

The latest crypto commentator to join in is Bitcoin educator and developer, Jimmy Song who projects, “Bitcoin price will have a bottom to top difference of at least 100%.”

Like many others, Song is also expecting Bitcoin dominance to be more than 75% at the end of the year.

Currently, BTC dominance is 69.7%, as per TradingView. The highest it has been this year was in Sept. at just above 72%. Since Feb. 2017, when the dominance of the flagship cryptocurrency was at 95%, it has been constantly falling, bottoming at 36% in January 2018.

Altcoins to Face Danger

The rise in the dominance of BTC means altcoins aren’t expected to fare well this year. But the price won’t be the only detriment for altcoins, as Song predicts 2020 will see lots of altcoins get delisted.

Song is also predicting some coin to be 51% attacked and “cause an exchange to lose lots of money.” This will result in the value of coin dropping by less than 20%.

And “More coins will change to be merge mined with Bitcoin.”

As for IEOs, Initial Exchange Offering that replaces the ICO fever in 2019 according to Song “will lose steam.”

Privacy Feature Coming next year

The much-awaited Bitcoin reward halving is now less than five months away. Unlike many others that expected it to be a non-event, Song believes this will be “the big narrative” still.

On the development side, “Taproot will be activated without much controversy,” predicted Song. The fact that the developer is expecting the feature to come within 12 months is a big deal in itself.

First proposed by Bitcoin Core contributor Gregory Maxwell, Taproot would bring privacy to the Bitcoin network. Even the most complex smart contracts would be indistinguishable from regular transactions on the blockchain.

Several Bitcoin Core contributors including Pieter Wuille, Jonas Nick, Rusty Russell, Tim Ruffing, Andrew Poelstra, Johnson Lau, and Anthony Towns are working on the Schnorr signature proposal that would include Taproot.

Read Original/a>
Author: AnTy