{"id":480280,"date":"2022-01-04T06:07:22","date_gmt":"2022-01-04T06:07:22","guid":{"rendered":"https:\/\/ktsl888.com\/?p=480280"},"modified":"2024-06-11T07:46:27","modified_gmt":"2024-06-11T07:46:27","slug":"lightning-speed-taproot-and-the-lightning-network-a-match-made-in-heaven","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/lightning-speed-taproot-and-the-lightning-network-a-match-made-in-heaven\/","title":{"rendered":"Lightning Speed: Taproot And The Lightning Network, A Match Made In Heaven"},"content":{"rendered":"

A little more than two months ago, Taproot went live. What does the biggest update to the Bitcoin network in years bring to the table? How can it help the increasingly popular Lightning Network? That\u2019s exactly what <\/span>the article we\u2019re about to summarize<\/span><\/a> is about. <\/span>It starts by informing us that \u201cBitcoin even has a scripting language,\u201d and that it\u2019s called Script.<\/span><\/p>\n

Related Reading | Number Of Bitcoin Lightning Network Nodes Jumps 23% In Three Months<\/a><\/strong><\/em><\/p>\n

But before we get into that, what is Taproot?<\/span><\/p>\n

\u201cTaproot is a combination of three Bitcoin Improvement Proposals (BIPs) that enhance this scripting infrastructure: BIP340 – Schnorr, BIP341- Taproot and BIP342 – Tapscript. The key of Taproot that unlocks all the others is the introduction of Schnorr Signatures, which allow for key and signature aggregation. This means that multiple parties are able combine their keys to a single public key, thereby allowing them to sign a single message.\u201d<\/span><\/p><\/blockquote>\n

It\u2019s important to know that Taproot won\u2019t allow \u201cfully expressive\u201d or \u201cTuring complete\u201d contracts like in Ethereum and all its related chains. Nor are those kinds of contracts a priority for the Bitcoin network, as <\/span>our sister site Bitcoinist points out<\/span><\/a>. Also, to curb our expectations, let\u2019s read what Tales From The Crypt podcast\u2019s host Marty Bent warned us about <\/span>in his newsletter<\/span><\/a>:<\/span><\/p>\n

\u201cIt is important to understand that these benefits aren\u2019t going to be immediate. They are going to come to market slowly over time as the software gets implemented into wallets and other services. Many are expecting Taproot to get activated over the weekend and all its potential benefits to be realized immediately. This is simply not the case and it is important that this fact is understood.\u201d<\/span><\/p><\/blockquote>\n

Ok, let\u2019s get into the meat and potatoes.<\/span><\/p>\n

How Does Taproot Help The Lightning Network?<\/span><\/h2>\n

First of all, every Lightning channel consists of “2 of 2 multisigs\u201d. So, a first benefit of being \u201cable combine their keys to a single public key\u201d is that \u201cwe have lighter transactions and therefore cheaper channel openings\u201d. Not only that but \u201csignature aggregation also offers enhanced privacy since its contents are indistinguishable from a single-signature transaction.\u201d<\/span><\/p>\n

To clear up how does this benefit privacy, let\u2019s quote the <\/span>Binance Academy<\/span><\/a>:<\/span><\/p>\n

\u201cSpending Bitcoin using Taproot could make a transaction in a Lightning Network channel, a peer-to-peer transaction, or a sophisticated smart contract become indistinguishable. Anyone monitoring one of these transactions would see nothing but a peer-to-peer transaction. It\u2019s worth noting, though, that this doesn\u2019t change the fact that the wallets of the initial sender and final recipient will be exposed.\u201d<\/span><\/p><\/blockquote>\n

However, this is not quite true\u2026 yet. The Voltage article clarifies, \u201cDoes this mean that lightning channels are now unidentifiable on the blockchain? Well, the answer is ‘yes’ for private channels and ‘not quite yet’ for public channels.\u201d<\/span><\/p>\n

\"BTCUSD<\/p>\n

BTC price chart for 01\/04\/2021 on Gemini | Source: BTC\/USD on TradingView.com<\/a><\/pre>\n
Private And Public Lightning Network Channels<\/span><\/h2>\n
What\u2019s the problem? Well, the network doesn\u2019t announce the creation of private channels. The public ones, on the other hand:<\/span><\/p>\n
\u201cUnfortunately, even if we do hide the channel openings on the blockchain, the current specification of the lightning protocol requires nodes to broadcast the details of the funding transactions when announcing their channels.<\/span><\/p>\n
This might seem counterintuitive at first, but it\u2019s also an elegant way to prevent nodes spamming the network with fake channels.\u201d<\/span><\/p><\/blockquote>\n
Related Reading | How Big Is Bitcoin\u2019s Lightning Network? The Answer Will Surprise You<\/a><\/strong><\/em><\/p>\n
Also, let\u2019s take into account that <\/span>surveillance firm Chainalysis already announced<\/span><\/a> a Lightning Network-related service. We should assume there are \u201csybil nodes surveilling the network\u201d. And that \u201cWith enough hostile nodes” a bad actor could paint “a fairly detailed picture of the flow of funds\u201d. Well, Taproot has an elegant solution for that:<\/span><\/p>\n
\u201cTaproot’s introduction of Schnorr signatures paves the way for a type of smart contract called Point Time Locked Contracts (PTLCs). PTLCs operate in the same manner as HTLCs by allowing payments to be identified by nodes, but PTLCs come with a handy feature of being able to randomize its identifier with each hop thereby making it impossible for nodes to correlate the traffic of sending and receiving nodes.\u201d<\/span><\/p><\/blockquote>\n
Understand that \u201cTaproot is a door that opens many other doors\u201d. It\u2019s a new toolkit with which developers all over the world will create new features and improvements. The info this article contains is just the beginning, the low-hanging fruit that we can see from our advantage point. Remember what Marty Bent said, \u201cthese benefits aren\u2019t going to be immediate.\u201d The Taproot-enabled stage of Bitcoin is just starting.<\/span><\/p>\n
Featured Image by Cooper Baumgartner<\/a> on Unsplash<\/a>  | Charts by TradingView<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"
A little more than two months ago, Taproot went live. What does the biggest update to the Bitcoin network in years bring to the table? How can it help the increasingly popular Lightning Network? That\u2019s exactly what the article we\u2019re about to summarize is about. It starts by informing us that \u201cBitcoin even has a scripting language,\u201d and that it\u2019s called Script. Related Reading | Number Of Bitcoin Lightning Network Nodes Jumps 23% In Three Months But before we get into that, what is Taproot? \u201cTaproot is a combination of three Bitcoin Improvement Proposals (BIPs) that enhance this scripting infrastructure: BIP340 – Schnorr, BIP341- Taproot and BIP342 – Tapscript. The key of Taproot that unlocks all the others is the introduction of Schnorr Signatures, which allow for key and signature aggregation. This means that multiple parties are able combine their keys to a single public key, thereby allowing them to sign a single message.\u201d It\u2019s important to know that Taproot won\u2019t allow \u201cfully expressive\u201d or \u201cTuring complete\u201d contracts like in Ethereum and all its related chains. Nor are those kinds of contracts a priority for the Bitcoin network, as our sister site Bitcoinist points out. Also, to curb our expectations, let\u2019s read what Tales From The Crypt podcast\u2019s host Marty Bent warned us about in his newsletter: \u201cIt is important to understand that these benefits aren\u2019t going to be immediate. They are going to come to market slowly over time as the software gets implemented into wallets and other services. Many are expecting Taproot to get activated over the weekend and all its potential benefits to be realized immediately. This is simply not the case and it is important that this fact is understood.\u201d Ok, let\u2019s get into the meat and potatoes. How Does Taproot Help The Lightning Network? First of all, every Lightning channel consists of “2 of 2 multisigs\u201d. So, a first benefit of being \u201cable combine their keys to a single public key\u201d is that \u201cwe have lighter transactions and therefore cheaper channel openings\u201d. Not only that but \u201csignature aggregation also offers enhanced privacy since its contents are indistinguishable from a single-signature transaction.\u201d To clear up how does this benefit privacy, let\u2019s quote the Binance Academy: \u201cSpending Bitcoin using Taproot could make a transaction in a Lightning Network channel, a peer-to-peer transaction, or a sophisticated smart contract become indistinguishable. Anyone monitoring one of these transactions would see nothing but a peer-to-peer transaction. It\u2019s worth noting, though, that this doesn\u2019t change the fact that the wallets of the initial sender and final recipient will be exposed.\u201d However, this is not quite true\u2026 yet. The Voltage article clarifies, \u201cDoes this mean that lightning channels are now unidentifiable on the blockchain? Well, the answer is ‘yes’ for private channels and ‘not quite yet’ for public channels.\u201d BTC price chart for 01\/04\/2021 on Gemini | Source: BTC\/USD on TradingView.com Private And Public Lightning Network Channels What\u2019s the problem? Well, the network doesn\u2019t announce the creation of private channels. The public ones, on the other hand: \u201cUnfortunately, even if we do hide the channel openings on the blockchain, the current specification of the lightning protocol requires nodes to broadcast the details of the funding transactions when announcing their channels. This might seem counterintuitive at first, but it\u2019s also an elegant way to prevent nodes spamming the network with fake channels.\u201d Related Reading | How Big Is Bitcoin\u2019s Lightning Network? The Answer Will Surprise You Also, let\u2019s take into account that surveillance firm Chainalysis already announced a Lightning Network-related service. We should assume there are \u201csybil nodes surveilling the network\u201d. And that \u201cWith enough hostile nodes” a bad actor could paint “a fairly detailed picture of the flow of funds\u201d. Well, Taproot has an elegant solution for that: \u201cTaproot’s introduction of Schnorr signatures paves the way for a type of smart contract called Point Time Locked Contracts (PTLCs). PTLCs operate in the same manner as HTLCs by allowing payments to be identified by nodes, but PTLCs come with a handy feature of being able to randomize its identifier with each hop thereby making it impossible for nodes to correlate the traffic of sending and receiving nodes.\u201d Understand that \u201cTaproot is a door that opens many other doors\u201d. It\u2019s a new toolkit with which developers all over the world will create new features and improvements. The info this article contains is just the beginning, the low-hanging fruit that we can see from our advantage point. Remember what Marty Bent said, \u201cthese benefits aren\u2019t going to be immediate.\u201d The Taproot-enabled stage of Bitcoin is just starting. Featured Image by Cooper Baumgartner on Unsplash | Charts by TradingView<\/p>\n","protected":false},"author":539,"featured_media":480281,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[85094,428,1267,85095,85099,85097,85098,84846,84632,85096,38638,85093,85092,85100,85101,83797],"class_list":["post-480280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-2-of-2-multisigs","tag-bitcoin","tag-chainalysis","tag-lightning-channels","tag-lightning-network-improvements","tag-lightning-network-privacy","tag-lightning-network-surveillance","tag-lightning-speed","tag-marty-bent","tag-point-time-locked-contracts","tag-schnorr-signatures","tag-sybil-nodes","tag-taproot","tag-taproot-and-the-lightning-network","tag-taproot-upgrade","tag-the-lightning-network"],"acf":[],"yoast_head":"\nLightning Speed: Taproot And The Lightning Network, A Match Made In Heaven<\/title>\n<meta name=\"description\" content=\"A little more than two months ago, Taproot went live. 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