Bitcoin News

Updated Teprot successfully; The beginning of a new era in the Bitcoin network

After a long wait, the Bitcoin Teprot update was successfully launched this morning. This upgrade will mark the beginning of a new era for Bitcoin and will add special capabilities to the digital currency network.

to the Report Coin Telegraph, Teprot Update at 8:45 (Tehran time) This morning, after 90% agreement of miners and bitcoin mining mines between blocks 709, 488 and 709,632 of this digital currency network was successfully completed. Teprot is the first major Bitcoin network update since August 2017. At the time, the SegWit improvement plan and the Bitcoin second layer solution, the Lightning Network, were launched simultaneously.

The purpose of the Teprot update is to improve the scripting capability and privacy of the Bitcoin network, and to that end, Soft Fork Teprot introduces a concept called “Summary of Structured Information in the Merkel Tree” or “MAST” for short.

Hampus Sjöberg, one of the leading developers of Bitcoin, said:

MAST can make smart contracts more efficient and secure because it shows only the essential parts of the contract when paying.

Also read: What is Teprot? Everything Investors Need to Know About Bitcoin Bitcoin Upgrades

Schoberg says the Teprot update shows that bitcoin can upgrade its blockchain; An issue that is crucial to the longevity of the Bitcoin network. Schoberg believes that extending the lifespan of the network is “the biggest victory” for Bitcoin.

Schoberg, one of the developers of the Bitcoin Lightning Network wallet, Blixt Wallet, says Teprot allows more use of Bitcoin’s out-of-chain capabilities to avoid putting too much pressure on network nodes.

In addition, Schoberg believes that if Lightning starts supporting Teprot, MAST could increase the security of the old structure of the second tier network. The developers of the various nodes of the Lightning Network met a few weeks ago in Zurich, Switzerland, during the LN Summit to discuss possible future updates.

“Schoberg has said:

One of the issues discussed during the meeting was whether it would be better to update Lightning in small sections or to upgrade the network as a large package.

The Teprot update allows Lightning Network transactions to look like other regular intra-chain transactions.

“How can a Lightning payment channel use Teprot to create transactions under normal circumstances, such as in-chain transactions?”

In the case of transactions carried out using Teprot, it cannot be determined whether the transaction is a normal payment or belongs to a Lightning channel. This is important for bitcoin exchangeability and its resistance to censorship.

Successful Teprot upgrade is attributed to the “Speedy Trial”. A quick test period is a soft fork procedure that requires the approval of 90% of network miners.

“Schoberg says:

The signaling method works in 2,016 block periods, which means that in a 2016 block period, 90%, or 1,815 out of 2,016 blocks, must declare readiness.

It should be noted that in June of this year, bitcoin miners reached a 90% consensus for the first time.

Also read: What is a fork? Simple definition of hard forks, soft forks and their effect on price

Teprot upgrade also means the end of the opportunity to use the fast test period method, and subsequent bitcoin updates will have to use other methods to deploy soft forks on the network.

“Recommendations for Bitcoin developers:

Teprot opens the door to a world of new capabilities, but the first thing I personally like to see is the MuSig2 transactions. Although we should know nothing about guaranteed bitcoins, I personally would love to see “Cross-Input Signature Aggregation” in the next bitcoin soft fork.

MuSig2 is a multi-signature design developed by Blockstream researchers that requires more than one signature to confirm a transaction. If a transaction has more than one entry, the signatures of all those entries make the transaction heavier. Combining these signatures into a signature will make the transaction smaller and lighter.

Bitcoin has seen several community-based hard forks and soft forks in its 13-year history. While Teprot must continue to prove its worth, Lightning continues to conquer new heights.

On September 28, the Lightning network saw a 160 percent increase in the number of nodes over a 12-month period, and in addition, the number of payment channels of this network has increased by 170 percent since the beginning of this year.

On November 11, before the Teprot update, Bitcoin Lightning Network Capacity peaked at 3,220 units, equivalent to $ 210 million.


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