• Breaking News

    Friday, June 11, 2021

    Bitcoin Taproot activation megathread

    Bitcoin Taproot activation megathread


    Taproot activation megathread

    Posted: 04 May 2021 08:33 AM PDT

    A Taproot activation mechanism called "Speedy Trial" has just started on the 1st of May. Its goal is to give miners an opportunity to coordinate a quick activation of the Taproot update.

    The gist of it is: miners are given a three months time period to signal for Taproot activation. Within those three months, there are six sub-phases (each consists of 2016 blocks, aka ~2 weeks). As soon as there are 90% of blocks signalling for Taproot within any of those six sub-phases, Taproot activation will be locked in. The actual new protocol rules will then be enforced starting from block height 709,632, which is expected to be mined in November.

    We are currently in the first second third of those six sub-phases, and Taproot activation will not happen in this one! as miners need time to upgrade their equipment (this is expected, as the software update with Taproot activation mechanism was only released a few days ago). But already now (as of 22th of May) there is roughly ~95% of mining power that has updated and started signalling for Taproot in at least some of their blocks. Keep in mind that 90% of blocks within one difficulty adjustment period (we're currently in the second of six of those periods) need to be signalling. This likely will be achieved when the signalling pools switch from signalling in some of their blocks to signalling permanently.

    A new lock in period started on the 29th of May (ending on 12th/13th June) and it looks like we'll get Taproot locked in this period! Basically every pool is signalling right now (~99% of hash power), except unidentified miners.

    You can watch the currently signalling blocks/mining pools here (stand: 28th May):

    https://taproot.watch

    Currently signalling for Taproot:

    • SlushPool (~3% mining power)
    • AntPool (~18%)
    • F2Pool (~18%)
    • ViaBTC (~11%, signalling in some of their blocks)
    • Huobi (~7%, signalling in some of their blocks)
    • 1THash (~5%, signalling in some of their blocks)
    • Foundry (~4%)
    • Poolin (~12%)
    • BTC.com (~9%, signalling in some of their blocks)
    • SBI Crypto (~1%)
    • EMCDPool (~0.8%, signalling in some of their blocks)
    • Binance (~6%)
    • BTC.top (~4%, signalling in some of their blocks)
    • TMSPool (~0.4%, signalling in some of their blocks)
    • OKExPool (~1%, signalling in some of their blocks)
    • WAYI:CN (~0.4%, signalling in some of ther blocks)
    • SpiderPool (~0.2%)
    • Sigmapool (~0.17%)

    Keep in mind, actual hashrate is always unknown and numbers above are an estimation only, based on observations of the recent blocks, which is always subject to variance.

    What is Taproot?

    Summary

    • If you are a singlesig HODL-only Bitcoin user, Taproot will not affect you positively or negatively. Importantly: Taproot does no harm!

    • If you use or intend to use multisig, Taproot will be a positive for you.

    • If you transact onchain regularly using typical P2PKH/P2WPKH addresses, you get a minor reduction in feerates since multisig users will likely switch to Taproot to get smaller tx sizes, freeing up blockspace for yours.

    • If you are using multiparticipant setups for special systems of trade, Taproot will be a positive for you. Remember: Lightning channels are multipartiicpiant setups for special systems of lightning-fast offchain trades!

    Source: Taproot - Why Activate

    Further reading:

    FAQ:

    ELI5 this please?

    There is an update to bitcoin's code, called Taproot. It is good for privacy and efficiency of some important usecases. The update itself (the code) is ready, now it needs to be activated on the network. The developers/users gave the miners three months time to coordinate this activation (the coordination through miners makes it a bit easier, if everyone cooperates).

    That three months time window started on the 1st of May, and this current thread is keeping track of the current activation status. Now we have to wait and see how cooperative the miners will be (most likely they will, but it's not a guarantee).

    If 90% is not reached by August, what then? Is Taproot dead?

    No, if miners are not cooperating, then another activation mechanism will be attempted (probably something similar to UASF in 2017), where full node maintainers simply say "from blockheight x Taproot will be enforced and non-compliant blocks will be rejected", or something similar. The "speedy trial" mechanism was just the least contentious/the fastest one. If it doesn't work, we move on to another mechanism.

    If you are running a node - do you need to take any action now?

    You don't need to, but you could upgrade your client to 0.21.1, which has Taproot activation code included: https://bitcoincore.org/en/2021/05/01/release-0.21.1/

    Taproot is a soft fork, which means it is backwards compatible. Non-updated nodes will be able to stay on the network (and upgrade at their leisure at some point or not), but they won't be able to "understand" what Taproot is (afaik they'll see Taproot transactions as "anyone can spend" transactions, which are still fully valid by the bitcoin rules).

    Will Taproot/Schnorr be helpful for singlesig transactions with multiple inputs/outputs (f.ex coinjoins)?

    No, at least not for now (although any user benefits slightly from reduced fee pressure overall). For those something called "cross-input signature aggregation" is needed. Excellent deep dive: Taproot, CoinJoins, and Cross-Input Signature Aggregation

    How can I check on my own full node how many peers with Taproot compatible nodes are connected to me?

    This command will show you your peers' client version: bitcoin-cli getpeerinfo | grep '.subver' | sort -nk2r | uniq -c

    How can I check on my own full node how many blocks are signalling Taproot in the current activation period?

    The following command line prints the number of blocks in the current retarget period, the number of those blocks which have signaled, and whether it's possible for taproot to activate in this period (assuming there's no reorg):

    bitcoin-cli getblockchaininfo \
    | jq '.softforks.taproot.bip9.statistics | .elapsed,.count,.possible'
    (Source)

    Additions (more helpful links, questions, improvements etc) welcome! Please post them in comments :)

    submitted by /u/TheGreatMuffin
    [link] [comments]

    Daily Discussion, June 11, 2021

    Posted: 10 Jun 2021 10:05 PM PDT

    Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!

    If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.

    Join us in the r/Bitcoin Chatroom!

    Please check the previous discussion thread for unanswered questions.

    submitted by /u/rBitcoinMod
    [link] [comments]

    Quite the ride so far ��

    Posted: 11 Jun 2021 07:35 AM PDT

    New York's anti-bitcoin mining bill has failed to pass, and is now officially dead in the legislature! A win for renewable energy, electrical workers union and Bitcoin.

    Posted: 11 Jun 2021 07:56 AM PDT

    This is the way

    Posted: 11 Jun 2021 04:23 AM PDT

    Trashy

    Posted: 11 Jun 2021 01:30 PM PDT

    Giant Bitcoin Mining Center Powered by Renewable Energy is Being Established In Texas

    Posted: 11 Jun 2021 08:41 AM PDT

    JP Morgan on El Salvador adopting Bitcoin. Notice the last line...

    Posted: 11 Jun 2021 07:57 AM PDT

    Latin American leaders have faced decades of repression by the United States. Bitcoin gives them a way to fight back.

    Posted: 11 Jun 2021 11:19 AM PDT

    The international banking regulator has formally recognised bitcoin as an asset class

    Posted: 11 Jun 2021 11:17 AM PDT

    Texas to Allow State Banks to Hold Bitcoin

    Posted: 11 Jun 2021 05:37 AM PDT

    Iran President Said He Wants To Legalize Cryptocurrencies “As Soon As Possible”

    Posted: 11 Jun 2021 02:01 PM PDT

    It's official! Bitcoin is now just as popular in Latin America as it is in the rest of the world. As more and more countries recognize the benefits of cryptocurrency, Bitcoin adoption will continue to grow exponentially.

    Posted: 11 Jun 2021 06:37 PM PDT

    How much money would it be if Bitcoin were to reach 100k and I have 0.02630301 amount of BTC is there a formula to figure out what amount you will have a different Bitcoin prices I couldn’t find a calculator online that lets you put the price of Bitcoin.

    Posted: 11 Jun 2021 03:12 PM PDT

    Bitcoin community planning to lend El Salvador $1 billion to de-enslave it from the IMF

    Posted: 10 Jun 2021 05:37 PM PDT

    IMF’s Criticism of El Salvador for Adopting Bitcoin Reveals Its Concern About Becoming Obsolete The success of Bitcoin in El Salvador will give ideas to other countries.

    Posted: 11 Jun 2021 10:47 AM PDT

    Twitter CEO Jack Dorsey Says It’s Only “A Matter Of Time” Before Twitter Integrates Bitcoin Lightning Network

    Posted: 11 Jun 2021 02:26 AM PDT

    Jack Dorsey's tweets back to Warren.

    Posted: 11 Jun 2021 01:49 PM PDT

    FORBES: "First Approved Brazilian Bitcoin ETF Seeks To Raise 500 Million BRL ($90,000,000 USD)".

    Posted: 11 Jun 2021 11:01 AM PDT

    We have kicked the hornet's nest

    Posted: 11 Jun 2021 07:55 AM PDT

    The acceptance of Bitcoin as legal tender in El Salvador has meant the failure of the "old economy" to try to ignore Bitcoin. From now on expect a never seen attack against Bitcoin.

    submitted by /u/amarett0
    [link] [comments]

    The first Bitcoin ETF in Latin America to launch June 23rd!

    Posted: 11 Jun 2021 09:44 AM PDT

    Soon to be trading on the Brazilian stock exchange under the ticker "QBTC11", the new 100% bitcoin ETF uses the CME CF BTC Reference Rate and will be distributed by the biggest Latin America Bank. BTG Pactual and Nubank

    Bullish 🚀

    submitted by /u/phrost___
    [link] [comments]

    HODL and BTFD!

    Posted: 11 Jun 2021 02:14 PM PDT

    Jack Dorsey Challenges Elizabeth Warren Bitcoin FUD

    Posted: 11 Jun 2021 01:53 PM PDT

    Ask El Salvador for advice: Cuba suspends dollar cash deposits in banks due to US sanctions

    Posted: 11 Jun 2021 06:18 AM PDT

    Has the time come to ban members from posting with accounts < n weeks/months?

    Posted: 11 Jun 2021 10:25 AM PDT

    With the exponential growth we are seeing in FUD posts, many of them disguised as newbie questions, is it time the mods here started considering whether it would be in the communities interests to limit new posts by either account age or karma?

    submitted by /u/bell2366
    [link] [comments]

    Institutions Double Down on Bitcoin after El Salvador Made BTC Legal Tender

    Posted: 11 Jun 2021 01:11 PM PDT

    Hey Siri, what's the currency of El Salvador?

    Posted: 11 Jun 2021 12:00 PM PDT

    No comments:

    Post a Comment