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So now we know the entire process of bitcoin functioning and the way Bitcoins can be used for making all kinds of real transactions. Bitcoins are exchangeable for fiat foreign money via cryptocurrency exchanges and can be used to make purchases from merchants and retailers that accept them. Greg Sanders: Yeah, if I can bounce in. Mark Erhardt: So I’m wondering, one among the issues that appears to jump out when i hear you speaking about this is, what if one side retains making updates but not concluding it? And we’ve all the time gone again and forth between those, as a result of we don’t know if we should do a simpler version first and wait for later to do a way more complex version, or if we must always just soar to the more complex model proper now. Because we’ve always been discussing the fact that announcing, having the channel announcement point to a specific onchain output, was fairly bad for privacy and that we might in all probability do better. So, those are things that we’ve all the time been simply hand-wavy about how we might do this in the future. Read More: Amid worth drops and elevated regulation, what’s the way forward for cryptocurrency?

But I don’t suppose we’ll assist you to have any type of multiplier, because one of the other ideas was that you can additionally just announce some UTXOs that you just personal, with the proof that you own them, with a total value of, for example, 2 bitcoin, after which that would grant you the power to announce as much as X occasions that in channels without having to point to any specific onchain output. I didn’t suppose it was too dangerous, however the one key distinction right here is that for the payment channels with penalties as at the moment designed, it’s necessitating that you retailer these secret nonces ceaselessly till channel shut. These charts are cardinal part of the whole affair as with them traders are ready to foretell the motion near accuracy. But, realizing that the markets by no means shut is a handy safeguard to have. In case you have one other Lightning-like channel specification that you just coded up or a custom channel sort, you can also embody that on this channel announcement and it'll simply work. That’s why we’re not doing that right now, and that’s why most individuals will simply keep asserting the output that actually corresponds to the channel in order that when it will get spent, people truly discover it and can take away it from that graph and know that they can not route through that channel anymore.

I believe we’re going to follow a easy model, the place you permit pointing to any kind of output to pay on your channel. PTLC fixes that by ensuring that as a substitute of utilizing the preimage of a SHA256 hash and its hash, we’re going to make use of elliptic curve factors and their non-public keys. This could appear pointless given that BIP32 already provides extended private keys (xprvs) that may be shared between signing wallets. Maybe we will begin with t-bast. Can the channel keep open when the UTXO will get spent? And on the other hand, how do you ensure that the same UTXO just isn't reused for the announcement; and what happens if that UTXO will get spent? So, will we need to be conserving track of the UTXO truly not being moved whereas it's the stand-in to have announced the channel? Mike Schmidt: The taproot and MuSig2 channel dialogue somewhat leads into the up to date channel announcement discussion and the way gossip protocol would need to be upgraded in an effort to assist moving to P2TR outputs. So, we need to change that, as a result of we need to permit taproot, which means permitting additionally input, especially if we use MuSig2; we don’t wish to reveal the interior keys.

And proper now, it’s going to make use of the identical cost hash with all these nodes, which signifies that if somebody owns two of the nodes in the path, they're learning info, and this is dangerous for privacy. Right now, whenever you ship a cost, this payment is going to go through a number of nodes on the community. Bastien Teinturier: Sure. So proper now, once we announced the channel on the network, we explicitly announced node IDs and the Bitcoin keys which might be contained in the multisig 2-of-2, and other people verified that the output that we are referencing is definitely 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. Mike Schmidt: https://youtu.be/3fCIYjC7d_k Murch or t-bast, another feedback on taproot and MuSig2 channels? Mike Schmidt: Go ahead, Murch. Mike Schmidt: Next part from the Summit discussed PTLCs and redundant overpayments. Bastien Teinturier: Okay, so PTLCs are a change that is allowed by taproot and adaptor signatures.