On May 6, Bitcoin developer Pieter Wuille gave a message to the bitcoin-dev mailing. He reveals two proposals on GitHub for a Taproot soft fork.
The Taproot can offer better privacy and lessen leaked information after bitcoin transactions. It merges Merkelized Abstract Syntax Tree’s (MAST) advantages and signature scheme of Schnorr.
MAST allows for having smaller transaction sizes and more privacy to bitcoin. Then, the Schnorr signature allows a MAST-enabled transaction to happen. But it will not unveil what MAST used to check transaction conditions.
In the memo of Wuille, he noted, “Taproot to make all outputs and cooperative spends indistinguishable from each other. Merkel branches to hide the unexecuted branches in scripts. Schnorr signatures enable wallet software to use key aggregation/thresholds within one put.”
Bitcoin’s privacy feature is not surprising. But it does not live to greatness.
Munger’s Message to Bitcoin Investors
Meanwhile, Billionaire investor and vice chairman of American holding conglomerate Berkshire Hathaway, Charlie Munger scrutinized bitcoin again.
He was invited by an anonymous digital currency investment group to attend an event. But Munger decided not to show up and said that bitcoin investors are celebrating life and work of Judas Iscariot.
Munger’s impression on cryptocurrencies is rough. He even defined the leading cryptocurrency as totally asinine during 2018 annual general meeting of the Daily Journal Corporation last February.
“I think people who are professional traders that go into trading cryptocurrencies, it is disgusting. It is like somebody else is trading turds and you decide, ‘I can’t be left out’,” Munger said.
In the previous year, founder and CEO of Social Capital, Chamath Palihapitiya stated that Warren Buffet and Charlie Munger, the two crypto skeptics are wrong about bitcoin. Chamath stated, “It’s really unfair to not understand something, and then to disparage it.”
Based on the report on May 3, bitcoin’s price rose around $5,300 to more than $5,700 in major markets. As a result, the crypto market gained over $7 billion in one day.