Taproot and Schnorr and SIGHASH_NOINPUT, oh my!

Pieter Wuille, Bitcoin Core developer and Blockstream co-founder, spoke about Taproot, Schnorr, and SIGHASH_NOINPUT at the SF Bitcoin Developers.

The last few months several ideas have come up for improvements to Bitcoin’s scripting system, including Merkle branches, Schnorr signatures, cross-input signature aggregation, MuSig, Taproot, Graftroot, and SIGHASH_NOINPUT. All these proposals interact in various ways, making it unclear what to work on first.

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.

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