The insecurity discussion starts near the bottom of page 2 of the paper The security issues the paper discusses are pretty simple to solve theoretically, but they all increase the communication complexity of the signing schemes from O(n^2) to O(n^3) Which means there’s that many more points at which the multisig can be sabotaged or an error of some sort can occur Which basically means that all of those schemes are useless for large numbers of participants Not that they were that useful for any significant number of participants with a complexity of O(n^2)
In this talk Pieter went into the benefits of these ideas and discussed an upcoming proposal for a first step that combines a subset of these ideas. Some ideas will be left for future extensions, in order to avoid complexity and limiting the design space. Yet, this would bring privacy and flexibility benefits to Bitcoin, as well as moderate scaling advantages. The main focus is Taproot, which has the potential to make all outputs look identical, by merging pay-to-pubkey and pay-to-scripthash into one - but other changes will be needed to make it widely applicable and efficient.”
Over the past year, the prevailing thought among many in the cryptocurrency communities is that bitcoin is not keeping up with other coins. That somehow bitcoin was being intentionally crippled, or that the developers did not know what they were doing. As we are seeing with the bitcoin dominance going up, that prevailing thought was wrong. The coins who were supposedly going to kill bitcoin have been all but abandoned in many cases. Many others are in the process of dying a slow death (which may take years to fully play out).
Recently the debate around block size has been getting a huge amount of attention, and it is easy to think this is the most important…
What Is a BIP? - The Most Famous Bitcoin Improvement Proposals - C…
There are some that argue that these BIPs can and will eventually lead to more forks in the network which is generally considered to be a bag thing in the cryptocurrency community at large.
⧉infominer 22-Jul-19 03:34 AM
Bitcoin Improvement Proposals.
Abstract.This paper presents an extension to Bitcoin’s script language enabling covenants, a primitive that allows transactions to restrict howthe value they transfer is used in the future. Covenants expand the set offinancial instruments expressible in Bitcoin, and enable new powerful andnovel use cases. We illustrate two novel security constructs built usingcovenants.
The Bitcoin blockchain is not known for its ability to enable smart contracts. In fact, most developers creating smart contracts use a different blockchain, like Ethereum. But the truth is that the Bitcoin protocol can be used to create smart contracts. Particl.io, the blockc…
Bitcoin’s capacity is limited. Meanwhile, smart contracts can be resource intensive. So even though Bitcoin has always supported basic smart contract functionality, the two have never been a natural match.But a recent topic of research spearheaded by Blockstream mathematici…
I’m not suggesting that Russel’s Simplicity toolchain is for securing Unix bootstrap, instead focus is to secure future blockchain script languages. However, it does seem that it too can support Scheme-like script atoms, and lessons from it could be leveraged beyond bl…
Interesting, some of these approaches toward “Reduced Binary Seed” make use of minimized Scheme, which is also a potential target for Russel O’Connor’s of @Blockstream’s provable Simplicy toolchain, which can maybe probably secure each of the Scheme atoms. https://t….
Simplicity is a blockchain programming language designed as an alternative to Bitcoin script. - ElementsProject/simplicity
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