Misplaced Pages

Taproot (fork): Difference between revisions

Article snapshot taken from Wikipedia with creative commons attribution-sharealike license. Give it a read and then ask your questions in the chat. We can research this topic together.
Browse history interactivelyNext edit →Content deleted Content addedVisualWikitext
Revision as of 23:18, 15 June 2021 editGnubyexample (talk | contribs)25 edits Add a page about this btc soft fork  Revision as of 23:22, 15 June 2021 edit undoGnubyexample (talk | contribs)25 editsm make pluralNext edit →
Line 3: Line 3:
'''Taproot''', is the name used for an implemented ] change in the transaction format of ]. '''Taproot''', is the name used for an implemented ] change in the transaction format of ].


Bitcoin Improvement Proposal number BIP340, BIP341, BIP342 are collectively known as taproot.<ref></ref> Bitcoin Improvement Proposal numbers BIP340, BIP341, BIP342 are collectively known as taproot.<ref></ref>


== Summary of what Taproot will achieve == == Summary of what Taproot will achieve ==

Revision as of 23:22, 15 June 2021

Soft fork change in the transaction format of Bitcoin

Taproot, is the name used for an implemented soft fork change in the transaction format of Bitcoin.

Bitcoin Improvement Proposal numbers BIP340, BIP341, BIP342 are collectively known as taproot.

Summary of what Taproot will achieve

  • Complex transactions, such as those requiring multiple signatures or those with delayed release, indistinguishable from simple transactions in terms of on-chain data.
  • Reduce transaction costs: The data size of complex Bitcoin transactions will be reduced, which will lead to lower transaction fees.
  • Support for more complicated conditions for a transaction via new type of signature.
  • Benefits for the Lightning network: More flexibility, privacy enhancement, lower costs

More details about the Taproot proposal on the bitcoin wiki

  1. All Bitcoin Improvement Proposals, including BIP340
  2. "bitcoin wiki page about the Taproot proposal".