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Taproot is essential as it will enable “scriptless scripts” which means transactions can accomplish complex code without appearing any different from normal tra

Taproot is essential as it will enable “scriptless scripts” which means transactions can accomplish complex code without appearing any different from normal transactions. Use cases include better mixers, cross-chain atomic swaps, and more efficient transactions.

snypher 6y ago
>transactions can accomplish complex code without appearing any different from normal transactions What could go wrong I guess. Are there distinct advantages to this?
- doomroot 6y ago
  Yes, it helps on chain privacy. It’s currently really easy to spot a lightning network channel funding transaction. In the future these will all look like normal transactions. This softfork also provides the necessary tools to make pay-join economically advantageous.
- ur-whale 6y ago
  > Are there distinct advantages to this? It improves fungibility (if that's even a word).
rocqua 6y ago
Note that, once the transaction is spent, it will be clear that it was a script spend, and some of the script will also be revealed.
- runeks 6y ago
  > […] some of the script will also be revealed. nullc seems to be saying that revealing (part of) the script isn’t necessary in case of cooperation: https://news.ycombinator.com/item?id=27023391 https://news.ycombinator.com/item?id=27023391 Am I misunderstanding you or nullc?
  - nullc 6y ago
    If the root public key is used nothing is revealed. The root pubkey could be an N of N of parties to the transaction (e.g. everyone cooperates), or any other condition you can express with pubkeys alone. So say that you have a coin that can be spent by 2 of 3 Alice, Bob, Charlie or it can be spent by Alice alone after one year has passed. The A/B/C 2of3 could be made the root, it would look like a single pubkey, and be indistinguishable from a ordinary single key wallet. The timeout+alice condition would only get revealed in the even that Bob or Charlie will cooperate and the timeout gets used.
  - rocqua 6y ago
    It will become possible to create N of N multisig transactions that do not require scripting. Such spends will be fully indistinguishable from normal spends. Any spends that actually use scripting will reveal (sort of) the script elements that this spend had to use. Other parts of the script will remain secret.

snypher 6y ago

>transactions can accomplish complex code without appearing any different from normal transactions What could go wrong I guess. Are there distinct advantages to this?

doomroot 6y ago
Yes, it helps on chain privacy. It’s currently really easy to spot a lightning network channel funding transaction. In the future these will all look like normal transactions. This softfork also provides the necessary tools to make pay-join economically advantageous.
ur-whale 6y ago
> Are there distinct advantages to this? It improves fungibility (if that's even a word).

rocqua 6y ago

Note that, once the transaction is spent, it will be clear that it was a script spend, and some of the script will also be revealed.

runeks 6y ago
> […] some of the script will also be revealed. nullc seems to be saying that revealing (part of) the script isn’t necessary in case of cooperation: https://news.ycombinator.com/item?id=27023391 https://news.ycombinator.com/item?id=27023391 Am I misunderstanding you or nullc?
- nullc 6y ago
  If the root public key is used nothing is revealed. The root pubkey could be an N of N of parties to the transaction (e.g. everyone cooperates), or any other condition you can express with pubkeys alone. So say that you have a coin that can be spent by 2 of 3 Alice, Bob, Charlie or it can be spent by Alice alone after one year has passed. The A/B/C 2of3 could be made the root, it would look like a single pubkey, and be indistinguishable from a ordinary single key wallet. The timeout+alice condition would only get revealed in the even that Bob or Charlie will cooperate and the timeout gets used.
- rocqua 6y ago
  It will become possible to create N of N multisig transactions that do not require scripting. Such spends will be fully indistinguishable from normal spends. Any spends that actually use scripting will reveal (sort of) the script elements that this spend had to use. Other parts of the script will remain secret.