We have already started to see the seeds of the second layer capabilities develop from the beginnings of the basic layer that has been added or improved in the first decade. Lightning, although it is still subject to some very large restrictions, began to flourish. This is just the first limited version currently specified and published. There are now large companies of different types published: liquid, RSK, and even the distinctive symbol chains associated with Bitcoin developed by Commerceblock. This is just the beginning.
Schnorr and Taproot
Above the horizon, we have a mixture of Shenor and root. On the SCNORR side of things, this is a significant signing scheme in batches, as well as a big jump in improving multi -signed textual software construction in Bitcoin. Multisig has started to fill all the general keys and textual program for Multisig to produce the transaction to send to it, and has to include all of this in the inputs to spend. The P2SH improved the output side, by including a fixed length of general keys and textual programs in Multisig, providing fees for anyone sent to Multisig and leaving only an increasing cost to the sender. It can be said that Segwit is more “improved” by making Multisig Utxos cheaper with witness discount. SCNORR takes all this additional improvement to the maximum. You can combine individual public keys in one key, everyone can cooperate to sign one for it, and check this. This creates enormous cost savings for all Multisig use, including the second layers such as lightning and uniform side mustache, and also creates a privacy benefit by making all these multi -tool -to -tool -to -to -to -to -toxus from that distinctive distinctive.
Now this does not make everything completely magic. Lightning Channels still require separate major tracks for their punishment transactions to respond to old cases. This means that these should be in the directing texts that create a fingerprint. Taproot this is through the encrypted magic, allowing you to commit the Merkel tree from different spending conditions, which only requires the condition used and proof of Merkle to the Merkle root that is spent, to the Public Schnorr key. Now you can hide the course of the penal program for a penalty with Taproot. You can hide any Political Textual Pollen course using Taproot, buried under the completely natural Schnorr key allows all participants to agree on something and make a completely natural treatment.
Sighash_anyprevoutput
Sighash_anyprevoutput (previously Sighash_noinput) We hope that the next new primitive will be in the pipeline. It is the promotion of a new public key science/the promotion of science. Sighash flags determine which parts of the transaction with which the signature is committed. This function is present so that you can do something like a sign only input and outputs, but allow others to add their inputs and outputs to treatment without nullifying them. But currently, you must be committed to sign exactly UTXO from exactly practical. Sighash_anyprevout, among other things, will enable Commitment to signing just the UTXO text programAnd not utxo actually specific. This allows a new way (Eltoo) To build cases of Lightning channel that does not require a key to a penalty or deal with old countries by allowing the party to cheat to confiscate all the money. Instead, the current channel’s condition can simply re -implement the condition of the old channel if you lose the double spending race, ensuring that everyone gets the balance of their current channels on the series instead of the previous old balance. You are accomplished by once reused the same text program in the right place and use Sighash_anyprevout.
This removes many risks related to the loss of current channels, which leads to the treatment of the penalty for taking your money for a sincere mistake. It also allows much more. Now we can have lightning channels with more than one participants, and we can even accumulate “sub -channels” above those. Also, Sighash_anyprevout and Eltoo enables creating creation StatechainsA type of construction of unified channels that allows new participants to enter and exit the series completely assuming confidence that the union will not comply with the former participants to defraud anyone. This opens a lot of capabilities for what I called myself, “UTXO, multi -party fixed protocols.”
On_checktemphityife
AT_CTV It is Jeremy Robin's proposal to enable a very essential type of “era” on bitcoin. The covenant is more complicated by spending a currency with a title that exceeds signatures from some keys. Robin's Testament proposal type is “template”. Basically, this UTXO script allows to create specific specific outputs by spending spending. So once UTXO is created using OP_CTV, a consensus is imposed on consensus that UTXO must be spent on specific addresses with the specific amounts specified in the UTXO text program. You can even connect it together so that one of these UTXOS is forced to make a few of them, which then forced to make more, on.
This has a huge public application ability everywhere. In high graphics environments, one UTXO can be made by a guard entity 100 % under consensus rules All its customers' money guarantees that it ends under the control of its customers, although they do not have an immediate access to them at the present time. This has a lot of potential synergy with multi -party channels (channel factories), in that the collective “withdrawal” that has been done like this can be created simultaneously and used as a channel factory. OP_CTV can be used to create Payment channels that work at least monochrome without required the recipient to participate or get a key via the Internet to receive payments (And remember that you can accumulate channels on top of each other). It can even be used to allow one channel to process more HTLCS simultaneously by assembling it with the same trick that you use for example the guard. It may create some capabilities for new types of coinjoins.
Put everything together
Assuming the adoption of all the above proposals and merged them into Bitcoin, I really think that, regardless of developers who actually work on the front edge of these primitive things. Or strange things where there is no clear division line between service or protocol.
Multi -party channels will enable the numbers of unlimited participants in theory, which can accumulate sub -channels at the top with smaller sub -groups than the participants in the basic channel. Channels can be built on “channels factories” that allow people to receive money without online keys for a hot wallet. These multi -party channels can be stacked on top Zero activity on the series! The construction of the “linking” channel will allow liquidity to move relatively smoothly between different channels in ways that will enable all kinds of things that people have not really started to think about.
My last word in this section is: This only thinks about what can be done with things that I consider to be the direct parts of the Bitcoin itself. You can do a lot if you start looking at the central trustee services, and what is a Bitcoin subcontinent that you can provide to ignore organizational or legal barriers to do so.
This is only part 2 of 4, read the next part tomorrow.
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