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Title: Taproot update and Smart Contracts Post by: Upneko on December 12, 2021, 01:49:36 PM Quote The Taproot upgrade consists of three separate upgrade proposals. However, at its core, the upgrade introduces a new digital signature scheme called "Schnorr" that will help bitcoin transactions become more efficient and more private. Schnorr can also be leveraged to let bitcoin users execute more complex smart contracts. Source: https://www.reuters.com/technology/bitcoin-goes-through-major-upgrade-here-is-what-it-means-2021-11-15/ What do you think about the latest update? For me, Smart Contracts are extremely important in the long run: it will be possible to create d-apps on Bitcoin blockchain for which it will be necessary to use Bitcoins to interact, leading more people to buy Bitcoins. Title: Re: Taproot update and Smart Contracts Post by: BlackHatCoiner on December 12, 2021, 01:57:32 PM It won't be possible to create those d-apps, such as tokenization, on Bitcoin, because it's not turing-complete. It uses Script (https://en.bitcoin.it/wiki/Script) which is a stack-based turing-incomplete language, served for only locking and unlocking outputs. Take a look on learnmeabitcoin.com/technical/script (http://web.archive.org/web/20210410182602/https://learnmeabitcoin.com/technical/script).
It shouldn't be imagined that it now competes Ethereum or any other. Title: Re: Taproot update and Smart Contracts Post by: Upneko on December 12, 2021, 02:10:57 PM It won't be possible to create those d-apps, such as tokenization, on Bitcoin, because it's not turing-complete. It uses Script (https://en.bitcoin.it/wiki/Script) which is a stack-based turing-incomplete language, served for only locking and unlocking outputs. Take a look on learnmeabitcoin.com/technical/script (http://web.archive.org/web/20210410182602/https://learnmeabitcoin.com/technical/script). It shouldn't be imagined that it now competes Ethereum or any other. Ohhh I see, thank you. I didn't know that it wasn't Turing-complete. So I don't get why are they trying to add Smart Contracts, what are they trying to achieve? Like you said it's impossible to build d-apps, Script doesn't even have loops, so how could they be used? Title: Re: Taproot update and Smart Contracts Post by: BlackHatCoiner on December 12, 2021, 03:13:20 PM Ohhh I see, thank you. I didn't know that it wasn't Turing-complete. So I don't get why are they trying to add Smart Contracts, what are they trying to achieve? Improve privacy and make the system more efficient. If you want to see an intense usage of smart contracts and dive into the technical stuff check for second layers. For instance, Lightning Network (https://lightning.network/), Omni (https://www.omnilayer.org/) etc. If you want to learn more about Taproot read this: https://bitcoinmagazine.com/technical/taproot-coming-what-it-and-how-it-will-benefit-bitcoin Title: Re: Taproot update and Smart Contracts Post by: tranthidung on December 12, 2021, 03:36:48 PM In future, people can try to build up more derivative products and bridge things from Bitcoin network.
It is future of multiple chain, cross chain, interoperable chain. Why do I think so? Because as human, we do love comfortable and convenient things. Such features satisfy our need. I would like to say with or without Smart contract or any derivative products built by crypto community, Bitcoin is our crypto King. |