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Bitcoin To Get Taproots

Bitcoin To Get Taproots

After years of no movement at the protocol level, bitcoin is finally to facilitate more complex conditional spending transactions in addition to data compression.

The latter is the job of Schnorr signatures, described in the Bitcoin Improvement Proposal (BIP) as a replacement of elliptic curve secp256k1 with a standard 64-byte Schnorr signature.

In short, where it isn’t one key but many keys that control a bitcoin address, Schnorr bundles all these keys that have to sign into effectively one key. Saving space.

In addition, it makes it easier for nodes to verify these complex signatures, making propagation more efficient and lowering latency.

The second part is bundled in Taproots, a code change that has been in development for years with Merkelized Abstract Syntax Trees (MASTs) facilitating more complex if/then transactions which are published on the blockchain only based on need depending on what condition is used.

Taproots then adds on top a camouflage in making these complex transactions look like simple transactions.

This could benefit exchanges and likewise services, in addition to second layer protocols like the Lightning Network which get more complex tools to work with.

Where scalability is concerned, it is a very slight improvement, but at least there’s an improvement here while in eth base scalability is still years away.

Overall, it’s more tinkering at the edges rather than any significant new capabilities, but at least protocol development is seemingly moving again with this expected to be included in the next Bitcoin Core client release.


About Bitcoin News

About Bitcoin News

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Bitcoin genesis block is the ‘New Testament’ of finance

Bitcoin genesis block is the ‘New Testament’ of finance

“Fiat lux”, said God, having created heaven and earth, which was filled with darkness. And then, there was light. At least, that’s what the Holy Bible tells us. Translated to English, this Latin phrase means “let light be made.”

For Christians, who much of the global population, these words mark the beginning of time and everything else. Eventually, there came a time when audacious, power-hungry, control-freak governments took the word “fiat” (literally meaning “it shall be” or “let it be done”) and used it to disguise one of the biggest shams ever — fiat currencies.

Eons later, in 2009 A.D., came the Bitcoin Genesis Block — the first chapter of a new bible in the making: the Bitcoin white paper. It marked the beginning of a new time of monetary independence and the gradual obliteration of the financial deception that governments play upon citizens.

Now, almost 11 years later, we are moving with steady steps toward Judgement Day: the day that we come to own the money we earn. We will control our money and not the central bank-government nexus.

Imagine a stone that I picked up while strolling on the beaches of Miami. It’s an ordinary stone of no real value whatsoever (except emotional value, of course). Now, imagine yourself as someone who trusts me — or better still, has faith in my words and actions. I give you this stone, saying that it has a value that you can exchange for goods — you believe me. Excited, I go back to where I’d been on the beach and discover a rather endless supply of these stones. Then, I catch hold of some other people like you, build a narrative of trustworthiness that is rooted in your naivete, and establish a new currency.

This, in a metaphorical way, is exactly what fiat currency is — a bluff, a farce. So much so, thatRichard Russel fiat currencies as:

“The greatest fraud ever perpetuated on the American public.”

The deceivers here, of course, are the governments and central banks.

What future awaits cryptocurrencies?

To define, fiat currencies are government-sanctioned money, whose value is merely on a contract of trust between the issuing government and the citizens: It’s not backed by any physical commodity of value, say, gold. That is as good as saying that fiat money derives its value out of thin air.

A recurring phrase that you’ll find in any definition of fiat money is that “it has no intrinsic value.” It’s a lie that governments tell us, or a bad joke. Now, if you’re someone with a faithful, believing — I’d say anesthetized — mind, all this might appear to be a cynic’s rant to you. Yet, when you come out of the haze and take a closer look at all the and depressions and from around the world, you should see what I mean.

This, precisely, is the “darkness” upon which the Bitcoin genesis block shed light, flashing like a bolt of lightning coming out of the 2008 global financial crisis — or should I say, scam. Indeed, if Bitcoin could speak, or if Satoshi Nakomoto hadn’t been anonymous, they would have exclaimed: “Fiat lux.” Anyway, that didn’t happen, and before discussing the genesis block and what it meant, let’s discuss another crucial aspect.

Before anything else, let’s rewind. There was a time when the U.S. dollar wasn’t, as the famous author Robert Kiyosaki once called it, “fake money.” Until 1971, its value was based on the , and one U.S. dollar equaled the value of 24.75 grains of gold. That year, however, the United States adopted the fiat system. Thereafter, the U.S. dollar started deriving its value from the “full faith and credit” of the U.S. government. That’s when the devil got us, growing stronger and more monstrous every day.

In the fiat system, “trusted intermediaries” such as banks, governments and other financial institutions act as pillars holding up the world’s infrastructure. They are also in full control of the nation’s money — our money. Although fiat money has value only as long as the people trust these intermediaries, governments can print as much or as few currency notes as they want.

In an attempt to combat economic crises, governments often print more money, thus leading to inflation and depreciation in the currency’s value. In turn, this also means that our savings (stored in fiat currency) lose their value. Believe it or not — that’s the game.

For instance, in 2000, the Zimbabwean government printed an abnormal number of notes to meet an ongoing crisis. Consequently, the nation experienced hyperinflation of 230 billion to 500 billion percent. No joke. At the peak of the nation’s inflation, 100 trillion Zimbabwean dollars 40 U.S. cents. That said, this doesn’t happen only in underdeveloped African nations. It’s exactly the same everywhere, to varying degrees.

In 2008, with the of Satoshi Nakamoto’s Bitcoin white paper, the world of finance witnessed a ray of light, a flicker of hope. The darkness began to look less eternal.

Since the mining of its first-ever block — the Bitcoin genesis block or Block 0, as it’s commonly known — Bitcoin has become a savior to many. Investing in Bitcoin, people have gone from rags to riches (although, in the early days, the opposite was also true).

Now, you might be wondering how dare I compare Bitcoin with God, or even the Bible? More importantly, why do I call it the New Testament of finance? The allegory of darkness and all of that lines up, but there’s a more tangible reason as well: Bitcoin makes governments and their sanctioned deceivers irrelevant.

Governments can make a fool out of us only because we trust them. On the other hand, before Bitcoin and cryptocurrencies, there seemed to be no other way. Now, the times have changed, the death bells for government-sponsored scams have been tolled, and their echo resounds louder every moment.

In introducing its underlying blockchain technology, the Bitcoin genesis block ushered a new reality. While storing and transacting value, we can now put our trust upon infallible mathematical algorithms and not corruptible intermediaries.

Bitcoin introduced the possibility of a trustless world, eliminating the need for banks or any other middlemen. Now, two people can directly transact value (money or otherwise) over networks that are inherently secure and transparent. Above all, the value of Bitcoin (as well as other cryptocurrencies) is based on the pure demand of its users. As such, the dubious motives of centralized governments are powerless.

We still have a long way to go in a world where Satoshi Nakamoto is the original creator and the Bitcoin genesis block is the first chapter of its bible. Maybe we could even create a new calendar with 2008 as the first year.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

J. D. Salbego serves as CEO, founder and art director of AnRKey X, a DeFi gaming and NFT platform protocol. His work has been featured in Forbes, Business Insider and Yahoo. Salbego is frequently invited to speak at leading conferences such as the World Economic Forum, BlockShow and Delta Summit.


Yearn Finance Founder Blames Social Actors for Function within the EMN Token Hack

Yearn Finance Founder Blames Social Actors for Function within the EMN Token Hack

Yearn Finance founder Andre Cronje suggests he didn’t mishandle the Eminence (EMN) venture’s financial exploit, which he insists features effectively. He accuses sure social actors of making a narrative round EMN that triggered rational actors to leap onto the token. Cronje’s feedback observe reviews {that a} group of defi neighborhood members planning to sue the sensible contract builder whom they are saying is culpable within the $15 million EMN token hack.

In a submit on Medium, Cronje who has vowed to not use his Twitter account, talks of his function and the journey which he says has had each failures and successes. In what might appear to be an try and absolve himself, Cronje writes:

“I’ve been incorrect extra instances than I’ve been proper, I’ve failed extra instances than I’ve succeeded. I’ve had conceptual concepts that failed in apply. I don’t construct to make a quantity go up.” Cronje seems to lament the involvement of speculators and the way this distracts from the primary targets of constructing helpful instruments.

The Yearn founder then claims that Defi tokens usually are not the identical as shares. He says though “folks deal with them like shares, in Defi, tokens are a coordination mechanism.” He says possession of tokens ought to sign that one “needs to grow to be a contributor and never a bystander.”

In the meantime, Cronje additionally clarifies that the obvious distinction between a workforce (devs) and the neighborhood, which he says is the supply of friction, shouldn’t exist.

“There isn’t any separation, they’re one and the identical,” elaborates Cronje who now says he didn’t create Yearn.

The Yearn founder then briefly zeroes in on the botched EMN token whose code he says “functioned as designed.”

Defending himself additional, Cronje explains:

“The contracts went by my regular testing cycles and had been at stage 5, on that day alone I had deployed ~2 totally different variations. LBI is working as supposed, it nonetheless is, and I’m nonetheless utilizing it to create a real-world instance of how such templates operate.”

As an alternative, the Yearn founder blames those that confuse value with performance. He factors to LBI as the right instance the place “folks purchased it off Uniswap, inflating the value, one thing {that a} rational actor that understood how the system labored ought to by no means have completed.”

Liquidity Revenue (LBI) is Cronje’s newest experiment that was rolled out on October 13 as an “unfinished product meant for analysis functions.”

Regardless of the warnings and the truth that Cronje didn’t use a Twitter account to announce the most recent experiment, customers nonetheless deposited ETH into this unaudited contract. It’s on this foundation that Cronje makes an attempt to exonerate himself from the actions of irrational actors though he admits he was “naive.”

In the meantime, Cronje’s remarks about tokens being totally different from shares look like getting assist from others inside the defi neighborhood. A kind of concurring with Cronje is Daniel Dabek whose group, launched a token in 2015 which is “used to grow to be a member of a decentralized board of commerce.” From the small quantity initially raised ($50,000), the Dabek says they “advanced over these years into a complete blockchain community from scratch.”

Nonetheless, similar to Cronje who sees a “battle within the area” Dabek additionally speaks of the challenges confronted when attempting to steadiness between getting folks and constructing instruments:

“It’s one factor to make the instruments, one other to place them in folks’s fingers to be empowered.”

In the meantime, apart from making an attempt to clear his identify, Cronje doesn’t instantly deal with reviews of the upcoming lawsuit. As an alternative, he says he’ll proceed to construct.

What do you consider Andre Cronje’s feedback? Share your views within the feedback part beneath.

Disclaimer: This text is for informational functions solely. It isn’t a direct provide or solicitation of a suggestion to purchase or promote, or a suggestion or endorsement of any merchandise, companies, or corporations. doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, instantly or not directly, for any harm or loss triggered or alleged to be brought on by or in reference to using or reliance on any content material, items or companies talked about on this article.


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Bitcoin Price Prediction: BTC/USD Holds above the Critical Support Zone at $11, 300, Attempts to Break the Price Range

Bitcoin Price Prediction: BTC/USD Holds above the Critical Support Zone at $11, 300, Attempts to Break the Price Range

Bitcoin (BTC) Price Prediction – October 18, 2020
BTC/USD price has been stagnant above $11,300 support. The price movement is insignificant as the market remained range-bound. The critical support zones of $11, 100, $11,200, and $11,300 remain unbroken as price continues to consolidate.

Resistance Levels: $10,000, $11,000, $12,000
Support Levels: $7,000, $6,000, $5,000

Bitcoin price has been stuck between $11,200 and $11,440. The king coin has been trading marginally since October 16. The survival of the crypto is the holding of the critical support zones. On the upside, a breakout will catapult BTC through the critical support zones to the high of $11,800.On the downward side. If the bears break through the critical support zones and the $11,000 support is breached, Bitcoin will resume a downward move to the previous lows. Today, BTC is trading at $11,410 as the bulls push the price on the upside. Further bullishness will arise if price breaks through the resistance levels.

Bitcoin (BTC) Indicator Analysis
Bitcoin is at level 53 of the Relative Strength Index period. The coin has returned to the uptrend zone and it is above the centerline 50. The 21-day and 50-day SMA are sloping upward move indicating the upward move. The price action is showing bullish signals as the coin moves up.

Bitcoin is currently trading in a tight range, if the bulls fail to break the resistance levels, then the bearish reaction will follow. The Fibonacci tool analysis has indicated a possible fall of Bitcoin. That is, on October 16 downtrend, the retraced candle body tested the 78.6% Fibonacci retracement level. The retracement implies that Bitcoin will further decline to level 1.272 Fibonacci extension. In other words, the coin will fall to a level of $11,065 low. The market will resume an upward move after falling to the previous low.

Remember, all trading carries risk. Past performance is no guarantee of future results.



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