Litecoin activates Taproot upgrade

on March 18th, Litecoin officially released the Core0.21.2rc5 version update, and the Taproot upgrade has been activated, aiming to enhance the security, privacy and scalability of Litecoin, and this update also includes bug fixes and updated translations, laying the groundwork for extension modules (MWEB). It was previously reported that Litecoin’s MimbleWimble privacy protocol code was officially reviewed, and the activation time will be determined by the community. Litecoin plans to achieve a degree of privacy and fungibility through the Mimblewimble Extension Module (MWEB).

Before enabling the Mimblewimble extension module, I chose to upgrade the Taproot first. Like Bitcoin, Litecoin is a PoW token. Bitcoin has completed the Taproot upgrade in November 2021, enhancing the privacy and scalability of Bitcoin. the flexibility and flexibility of smart contracts.

What can Taproot do? We use Bitcoin’s Taproot upgrade to explain the effect.

The Taproot upgrade includes Schnorr signatures, taproot, and Tapscript.

Schnorr signatures are a more secure, lighter, and more flexible cryptographic signature that supports “key aggregation”, a technique that ensures single-signature transactions, multi-signature transactions, and complex smart contracts are indistinguishable on the blockchain.

Schnorr’s key aggregation feature allows parties to a multi-signature transaction to collaboratively combine their public keys and generate a signature that is valid for the sum of their public keys. This saves block space, improves privacy, and enables faster transaction verification.

taproot specifies rules for a new Pay-to-Taproot (P2TR) output type, improving the privacy, efficiency, and flexibility of Bitcoin scripting functionality without compromising security.

taproot implements Merkleized Abstract Syntax Trees (MAST), a privacy solution that uses Merkle trees to submit only the execution conditions of a transaction to the blockchain, rather than the full details of all other possible outcomes.

Taproot provides Bitcoin users with greater privacy and scalability by exposing only the details of executed transactions, thereby recording less data on the blockchain.

Tapscript has updated the script coding language for writing BTC transaction parameters to provide Schnorr and Taproot technologies for users who choose to upgrade. Additionally, Tapscript also makes it easier to implement future opcode updates for Bitcoin. The implementation of Taproot may also lay the technical foundation for DeFi on Bitcoin. Once activated, Bitcoin enables large-scale smart contracts with tens of thousands of signatures, while hiding all participants and maintaining the size of single-signature transactions.

Posted by:CoinYuppie,Reprinted with attribution to:
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