Poolin Launches Taproot Activation Initiative – Bitcoin Magazine

Top 2 Bitcoin mining pool Poolin wants Taproot, and hopes other pools do too.

Poolin, the Chinese mining pool that currently controls around 13 percent of all hash power on the Bitcoin network, is preparing for Taproot, the proposed protocol upgrade for which the code is included in the upcoming Bitcoin Core 0.21.0 release. Bitcoin’s second-largest mining pool (only topped by F2Pool, which controls around 17 percent of hash power) today launched a webpage to help inform mining pools on Taproot, and lets them indicate how they would prefer the backwards compatible upgrade to be activated.

“We’re excited to see Taproot get close to deployment, and as one of the biggest mining pools on the Bitcoin network we want to be constructive in the soft fork activation process that will help make Taproot a reality,” Poolin VP Alejandro De La Torre told Bitcoin Magazine.

Taproot

Taproot, as implemented in Bitcoin Core, is actually a combination of three upgrades rolled into one.

First, it would introduce the Schnorr signature algorithm, which is considered by many cryptographers to be the best in the field. Besides a strong level of correctness, no malleability and relatively fast verifiability, Schnorr signatures allow for math to be performed with them. Among other things, this allows for a new type of smart contracts on Bitcoin.

Smart contract flexibility would be further expanded through a trick called MAST, which allows for coins to be spent in various ways, without ever needing to reveal the options that ultimately aren’t chosen. Moreover, if all parties to a smart contract agree on the outcome of the contract, Taproot lets them cooperate to make the settlement-transaction indistinguishable from regular transactions, benefiting user privacy.

Third, Taproot will include an updated version of Bitcoin’s programming language, called Tapscript.

Poolin, founded by former Bitmain (and more specifically, BTC.com)…

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