1. Home
  2. Discover
  3. Crypto
  4. Marty Bent

Marty's Ƀent - January 12th, 2021 - Issue #905

Tuesday, January 12th 2021 - Issue #905

Taproot helping privacy
Here's something that crossed my radar last month but I forgot to share with you freaks; jonasnick demonstrating that a proof of reserves solution that preserves identity using Taproot and ring signatures is possible on one of Bitcoin's testnets. What the hell does that mean, Uncle Marty? It shows one of the cool things an individual will be able to do on Bitcoin if/when Taproot is activated; prove they own a certain amount of bitcoin without revealing what addresses the UTXOs are held in. This would be a big boon for those building solutions that preserve the privacy of bitcoin users as they transact on chain or sign signatures to prove ownership when using bitcoin as collateral.

If you go back and read through Bitcointalk.org you'll find that Satoshi was interested in building a solution similar to ring signatures for Bitcoin as far back as 2010: 

"What we need is a way to generate additional blinded variations of a public key.  The blinded variations would have the same properties as the root public key, such that the private key could generate a signature for any one of them.  Others could not tell if a blinded key is related to the root key, or other blinded keys from the same root key.  These are the properties of blinding.  Blinding, in a nutshell, is x = (x * large_random_int) mod m." 

Is this another situation in which being patient and doing things the right way instead of the fast way proves advantageous for Bitcoin in the long-run? We shall see. This is only a proof of concept at the end of the day. Hopefully we see more of these types of projects leveraging Taproot on testnet to get bitcoiners more motivated about activating Taproot on mainnet. Currently, there seems to be talk about taking about putting forth a proposed activation route from at least one Bitcoin Core contributor. 
In the opinion of a lowly newsletter peddler, it would be best to get Taproot activated before an insane bull run takes off, if that is what's about to happen. There are many benefits Taproot could bring this potential wave of new bitcoin users. It would be a shame if those benefits were delayed.

If you want to learn more about ways in which Taproot can improve privacy for bitcoiners, I recommend you peep this article from Ben Carman that explains MuSig and unicast contracts which can be used to leverage Taproot to make multisig more private on-chain.    
Final thought...

The mini-me is now walking. 
Looking to buy bitcoin with ease? Download the Cash App, use the code "stackingsats", get $10 and Cash App will send $10 to our friends at OWLS Lacrosse.
If you'd like to set up a one-on-one chat to learn more about Bitcoin I offer consulting services for an hourly fee. Please feel free to respond to this email if you're interested.
Share
Tweet
Forward
Hope you enjoyed today's issue. If you have any friends that are looking to find out more about Bitcoin have them sign up for this newsletter here:
 
Get Ƀent

Ƀent noun 1. direction taken, as by one's interests; inclination.

Thanks for reading Marty's Ƀent, a daily newsletter containing all the information I found interesting in the Bitcoin world in the last 24 hours.
Copyright © 2020  TFTC.io, LLC  All rights reserved. 

Want to change how you receive these emails?
You can update your preferences or Ƀent Over!
 

Older messages

Marty's Ƀent - January 11th, 2021 - Issue #904

Monday, January 11, 2021

Monday, January 11th 2021 - Issue #904 The deplatforming will continue until our systems improve The big news over the weekend was the banning of Donald J. Trump from Twitter. Something many had been

The Sat Standard - Bitcoin Weekly - Jan 9 2021

Saturday, January 9, 2021

This week in bitcoin. Straight to the point. No bullshit. Every Saturday. View this email in your browser The Sat Standard This week in bitcoin. Straight to the point. No bullshit. Every Saturday.

Marty's Ƀent - January 8th, 2021 - Issue #903

Friday, January 8, 2021

Friday, January 8th 2021 - Issue #903 Strong towns and Bitcoin; the antidote No, this isn't a case where your Uncle Marty fudged up and forgot to replace the title of the letter. We're getting

Marty's Ƀent - January 7th, 2021 - Issue #902

Thursday, January 7, 2021

Thursday, January 7th 2021 - Issue #902 Back to basics Are you not entertained?! Hell of a start to the year if you're a bitcoin bull. Number continues to go up and pretty much everyone who has

Marty's Ƀent - January 6th, 2021 - Issue #901

Wednesday, January 6, 2021

Wednesday, January 6th 2021 - Issue #901 They're catching on... The above excerpt is from the 2020 annual shareholders letter that was sent out to the clients of Stone Ridge Asset Management.

You Might Also Like

April 30 set for historic launch of Bitcoin and Ethereum ETFs in Hong Kong

Wednesday, April 24, 2024

Competitive fee structures revealed for new Bitcoin and Ethereum ETFs in Hong Kong. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

DeFi & L1L2 Weekly - 💧Ethereum Liquid Restaking Drives DeFi TVL to 2-Year Highs

Wednesday, April 24, 2024

Ethereum liquid restaking drives DeFi TVL to 2-year highs. Cronos unveils Spring Odyssey campaign powered by Galxe. Runes launch fueled Bitcoin miners' earnings to surge. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

DeFi & L1L2 Weekly - 💧Ethereum Liquid Restaking Drives DeFi TVL to 2-Year Highs

Wednesday, April 24, 2024

Ethereum liquid restaking drives DeFi TVL to 2-year highs. Cronos unveils Spring Odyssey campaign powered by Galxe. Runes launch fueled Bitcoin miners' earnings to surge. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

OKX Web3 On-Chain Anti-Phishing Security Trading Guide

Wednesday, April 24, 2024

Aurthor: OKX Web3 As we enter a new cycle, the risks of on-chain interactions are becoming increasingly exposed with the rise in user activity. Phishers typically use methods such as creating

You’re Not Going to Believe This

Tuesday, April 23, 2024

Massive Surprise Inside ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

New Quests: increase AirDrop eligibility

Tuesday, April 23, 2024

New Flipside Quests just dropped. Claim $AVAX and $APT while you increase your chain score and build your reputation, helping with airdrops. Flipside Crypto Hey there, Claim $APT and $AVAX when you

Robert F. Kennedy, Jr. wants to put US budget on blockchain for 24/7 transparency

Tuesday, April 23, 2024

The public could inspect government spending 24/7 under the plan. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Layer-1 Landscape

Tuesday, April 23, 2024

A data-driven look across Layer-1 ecosystems ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Cathie Wood Iinterview In HK: Bitcoin Price Prediction for 2030, HK Is a Leading Crypto Policy Pioneer

Tuesday, April 23, 2024

Editor | Wublockchain Here is the full transcript of the Hong Kong Web3 Festival: Please welcome the head of HashKey Singapore and CEO of HashKey Capital, Mr. DC, and the CEO and CIO of ARK Invest, Ms.

100k signatures can trigger Swiss national referendum on adding Bitcoin to country reserves

Monday, April 22, 2024

If the Bitcoin advocates' plan succeeds, Switzerland could become the first country in the West to embrace the flagship crypto asset. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏