And I’m curious how Lightning engineers are thinking about taproot and MuSig2 related channels and how the audience should think about their nearer term uses in Lightning, in contrast to something that I think a lot of Bitcoin hopefuls are thinking about, which is Point Time Locked Contracts (PTLCs) involving schnorr signatures and adaptor signatures. There is a lot of competition between different exchanges and Binance is constantly introducing new features to attract traders-in fact, it’s hard to find a cryptocurrency exchange with a more extensive suite of features than Binance. But there are a lot of degrees to how much, how more decorrelated we could make it. So this is more of a UX issue, but on the technology side, it’s somewhat easy to fix. Also, it could potentially help increase the adoption of an emerging technology called Blockchain. Bastien Teinturier: Sure. So right now, when we announced the channel on the network, we explicitly announced node IDs and the Bitcoin keys that are inside the multisig 2-of-2, and people verified that the output that we are referencing is actually locked with the script hash of multisig 2-of-2 of those two keys, so you can only use it with scripts that really follow the format of Lightning channels without taproot.
There are two research papers that have proposals on how to do that by modifying the scripts that we use in the corresponding output in the commitment transaction. The most important thing to remember is to conduct thorough research and develop your own trading strategy without being hasty or overconfident before you buy Bitcoin or any other cryptocurrency. The number one thing we need to know in order to understand the crowd is: What differentiation has been cast aside in the creation of this crowd, and in what ways might the return of differentiation destroy the crowd? Those are the two I know of. Bastien Teinturier: So basically jamming, there are two types of jamming, slow jamming and fast jamming, and those two types of jamming potentially and most likely need two different kinds of solutions. And for this, one of the promising solutions is to use local reputation, where you track how much fee revenue every one of your peers has generated for you in the past, and you only allocate them liquidity bandwidth for something that would lose less than what they made you earn in the past basically. Quite the contrary. There are, in fact, thousands of servers keeping track of bitcoins.
So, will we need to be keeping track of the UTXO actually not being moved while it is the stand-in to have announced the channel? Can the channel stay open when the UTXO gets spent? Mike Schmidt: The taproot and MuSig2 channel discussion somewhat leads into the updated channel announcement discussion and how gossip protocol would need to be upgraded in order to support moving to P2TR outputs. Mike Schmidt: Murch or t-bast, any other comments on taproot and 바이낸스 (Read More In this article) MuSig2 channels? Also included are a number of simplifications over the existing LN gossip protocol, which is used to advertise the existence of public channels for routing. Public key cryptography has many applications in information security, such as secure internet shopping, digital signatures and secure automatic software updates. These allow individuals to manage information associated with their identities, create identifiers, control who they’re shared with and hold attestations without counting on a central authority, sort of a government agency. Mark Erhardt: Yeah, with the simple variant where you do two or three times more, wouldn’t that be sort of a jamming vector? We had a great podcast out in the Chaincode podcast, where we talked to Elle Mouton and Oliver Gugger about simple taproot channels, which basically is this proposal.
The main question that we had during the Summit is that there’s work when the current proposal spends the MuSig2 output for both commitment transactions and splices and mutual closes, which means that we have to manage nonce-state, MuSig2 nonce-state in many places, and it’s potentially dangerous because managing those nonces correctly is really important for security. There’s another one that’s much simpler that just lets you add another secret and add an additional round trip between the recipient and the sender, and this is the same thing as a stepless payment. So basically that’s the idea here, right? And there was an idea that instead of using the MuSig2 output, the commitment transaction, actually, the funding output would have both a keypath spend that would be MuSig2, but also a scriptpath spend that would use a plain, normal 2-of-2 multisig, so that all the commitment transactions would use the scriptpath spend. And then we’ll have a better idea of whether anyone can do their own thing and still be protected, or if it’s better that everyone applies the same reputation algorithm to make it work. Getting started in copy trading is much easier and the first thing you need to choose is the right crypto trading platform.