Since there are far more non-criminals than criminals, one can easily argue that the frictionless nature of Bitcoin can offer benefits to society at large that outweighs this downside. If script changes are added to the Bitcoin protocol, such as taproot, a new version of miniscript will likely be created that supports the protocol additions, making the upgrade easy for both wallets and users even if they use complex scripts. With miniscript telling the wallet what is it worth it needs to do, wallet developers don’t need to write new code when they switch from one script template to another. Most Bitcoin users don’t act that way. The crypto can then be used by the platform to make other investments or perform other transactions, much in the way that banks use the funds stored by their account holders in exchange for paying interest. This received several objections on the basis that a slight change wouldn’t be effective and too much change would put the network at risk of bandwidth-wasting attacks. ● W3C Web Payments Working Group update: Lightning Network developer Christian Decker is a member of this group attempting to create standards for web-based payments. Providing a descriptor here makes it easier for the user (or a program that is calling this RPC) to get all the information they need to not only monitor for payments received to the created address but to also later create unsigned transactions which start the process of spending that money
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Corallo also worries that using BIP8 from the start of a soft fork deployment gives the impression that the developers of node software get to decide the rules of the system. Node software can prepare for this maximum 42-month process by including, even in its initial versions, a configuration option that users can manually enable to enforce the BIP8 flag day if necessary. As an alternative to either BIP9 or BIP8 alone, Corallo proposes a three-step process: use BIP9 to allow a proposal to be activated within a one-year window; pause for a six-month discussion period if the proposal is not activated; and-if it’s clear that the community still wants the proposal activated-force activation using a BIP8 flag day set to two years in the future (with faster activation possible using versionbits signaling). In the responses to the post, Jorge Timón and Luke Dashjr both proposed that any BIP8-like mechanism use mandatory versionbits signaling leading up to the flag day (similar to how BIP148 proposed to activate segwit); Corallo notes that this conflicts with the third and fourth goals. 3372 allows the user to specify an alternative program to use instead of one of the default sub-daemons (the C-Lightning system consists of multiple interacting daemons, referred to as sub-daemons of lightningd
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Unlike gold, Bitcoin has no intrinsic value from alternative uses that could anchor its price. Also described are several alternative schemes that attempt to work around the problem. There is also a growing movement of Bitcoin-based philanthropy, and organizations such as the California-based BitGive Foundation are using the Bitcoin blockchain to track gifts made by donors to build international projects, such as clean water and sanitary infrastructure. Blockchain is a transparent database that is shared across a network with all transactions recorded in blocks linked together. When this split occurred, any Bitcoin address that had a Bitcoin balance (as ZHONG’s addresses did) now had the exact same balance on both the Bitcoin blockchain and on the Bitcoin Cash blockchain. For example, nodes are now penalized in the routing preference database if they produce an error message that they shouldn’t be generating given their particular role in a transaction (e.g. intermediate node or final node). For example, because users are allowed to mask their identity with pseudonyms, the currency is perfect for screening criminal activity. In version 0.11.2 developers added a new feature which allowed transactions to be made unspendable until a specific time in the future. After providing a high-level overview of Schnorr signatures and signature aggregation-information probably already familiar to readers of this newsletter-Lee builds a significant portion of his presentation around 2-of-3 multisig security for business spenders, a feature used by many businesses to
In a separate schnorr-related topic, ZmnSCPxj wrote a post about the challenges of safely using the MuSig signature aggregation protocol with sub-groups. In support of that dynamism, miniscripts can be created using an easily-written policy language. With miniscript, as long as the wallet knows how to produce signatures for specified keys and how to resolve a timelock, miniscript can guide the wallet through the various possible paths in an attempt to solve the script. Rust implementation, code for a Bitcoin Core integration, and Pieter Wuille’s talk about an earlier version of miniscript (video, transcript, Optech summary). This week’s newsletter announces the latest C-Lightning release, requests help testing a Bitcoin Core release candidate, describes discussions about simplified LN commitments using CPFP carve-out, and summarizes several top-voted questions and answers from the Bitcoin Stack Exchange. This week’s newsletter requests help testing the next version of LND, summarizes a discussion about soft fork activation mechanisms, and describes a few notable changes to popular Bitcoin infrastructure software.