Ingenious developers are working flat out on the further development of bitcoins. Here are five Bitcoin core updates that every Bitcoiner needs to know.
Updating Bitcoin Core is like trying to refuel a jet at supersonic speeds. Possible, but risky. After all, more than $ 1 billion in value is shipped every day with Bitcoin.
In the same breath as Schnorr signatures, observers mostly also call Taproot – after all, the two implementations should become part of the same SoftFork update. Taproot is a project by core developer Gregory Maxwell, which is based on the implementation of Merkelized Abstract Syntax Trees (MAST) in Bitcoin.
Schnorr signatures have been the main topic among cryptographers and Bitcoin core developers for years. In essence, Schnorr Signatures are rock-solid cryptographic signatures that do not suffer from transaction malleability, but are nevertheless quicker to verify than Elliptic Curve Digital Signatures (ECDS), which are the current standard. Schnorr also allows multiple signatures to be bundled, making MultiSig outputs and timelocks much easier to handle.
The goal of OP_CHECKTEMPLATEVERIFY (CTV) is a project by core developer Jeremy Rubin, which is supposed to provide relaxation, especially when there is a data jam on the blockchain. The motivation was probably the experience of December 2017, when the transaction fees rose immeasurably.
At its core, the idea is to split Bitcoin transactions into two parts: a sending half, which contains information about the inputs, and a receiving half, which contains information about the outputs of the transaction. We remember: A transaction with only one input can result in multiple outputs if, for example, change is generated.