- Developers continue to create tools for Bitcoin to improve in scalability and privacy, what new better ones are coming for the blockchain of the leading cryptocurrency?
Today the last conference day of LABITCONF 2021 is taking place. Among several of the presentations, he highlighted “What to expect from the next improvement proposals in Bitcoin “ by John Newbery, founder and director of Bitcoin Brink, a non-profit organization focused on the development of Bitcoin and is also a Bitcoin protocol developer. Contribute to Bitcoin Core and other open source Bitcoin projects.
Undoubtedly the news of updates to various blockchain protocols always attracts attention because this often brings improvements that help the growth and improvements of the network and at the same time of the tokens or cryptocurrencies developed within them.
What new improvements are coming for the leading cryptocurrency blockchain?
A count of the improvements of Bitcoin
To get into the subject John Newbery pointed out that Bitcoin is a consensual system between people for people, scalable and decentralized which seeks incentives for nodes that are compatible.
Before getting into the new updates, John Newbery made a count of the updates that have helped improve the scalability and privacy of the blockchain.
The first one he mentioned was the 2012 update “Pay-to-Script-Hash (P2SH)”, A tool that simplifies the use of scripts in complex transactions.
This function allows the creation of custom redemption scripts that can be easily shared with other users, which can only be unlocked by fulfilling a series of pre-established conditions.
The next update mentioned was Segregated Witness (SegWit). This improvement was introduced in 2017 in order to solve the problem of the malleability of Bitcoin transactions, which means the possibility that a third party can modify a code or serial at will; and improve its scalability.
Finally mentioned Taproot, the update that arrived just a few days ago which aims to improve the scripting capabilities and privacy of the Bitcoin network.
New improvements to the Bitcoin blockchain
After having counted the most important updates to the Bitcoin blockchain so far, John Newbery opened the way to talk about the new updates that will seek to improve the scalability and privacy of Bitcoin.
Signature Aggregation
Newbery pointed out that today if we want to carry out a transaction we require signatures on all inputs to verify that we can spend our funds, with Signature Aggregation you can have the same transaction and a single signature on all inputs.
Newbery stated that this new tool it will help to spend less blockchain energy, less verification computational resources, but what is really interesting about signature aggregation is that it encourages different users to have different behaviors since with Signature Aggregation, it’s easier to do coin join to make an independent transaction, enhancing the concept of preservation with the transaction and preservation of the entire network
Delegation and Sighash Anypreveout
Of these two updates, the presenter did not give much information but highlighted that using Lightning it would be easy to create these Sighash and make extensions to Lightning to have off chain contracts more complex.
About Delegation noted that it is composed of graftroot, g’root and entroot. The idea of Delegation is that with the different roots, complexities can be created in the offchain contracts to have greater privacy and scalability.
Covenants
Covenants or agreements will be focused on the stack. Newbery stated that if we have our public keys and our output address a convention can be made. This type of agreement is important for Bitcoin because it helps a more transparent exchange model.
With convenant we can include several users to share Lightning UTXO offcahin and have multiple transactions. We can add functionalities outside of the blockchain and use it to do things like dispute resolution or payments.
” We have many tools that developers are using these tools must be compatible, they must be good for users, they must be good for developers and for the network. When these tools are available there should be applications for the people, for the developers and use the benefits for when the developers make the apps. Finally users must demand these products”Declared Newbery.
In the end he closed saying:
” It’s all about incentives at the end, if they want to see that Bitcoin scales they must ask for exchanges, they must use the tools that are being developed, as users we must demand better products“Because in the end”Bitcoin belongs to users”.
Do not miss this and all the presentations of this last day which you can see here.
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