Search result of BIP

Bitcoin Improvement Proposals (BIPs) are formal proposals for changes to the Bitcoin protocol, enabling decentralized decision-making and network evolution.

This article introduces three BIP proposals related to Taproot.

OP_CAT, an opcode in Bitcoin script, has recently ignited passionate debates within the Bitcoin community. This previously disabled feature is now slated for reactivation, heralded as a pivotal advancement for Bitcoin's smart contract capabilities and scalability. Numerous Lightning Network developers and influential figures in the Bitcoin sphere have thrown their weight behind OP_CAT. The opcode promises to streamline multi-signature operations, enable state contracts, and boost the efficiency of payment channel networks. As the BIP347 proposal gains momentum, OP_CAT stands poised to emerge as the Bitcoin ecosystem's next groundbreaking innovation, following in the footsteps of the Lightning Network.

This article analyzes the complexity of Bitcoin upgrades, exploring the community's differing views on upgrades, the history of upgrades, current proposals, and potential alternatives. It provides basic knowledge about Bitcoin upgrades, draws conclusions from historical analysis, and offers insights into the future direction of upgrades.

This article aims to define Bitcoin upgrades, trace historical developments to identify certain patterns, analyze current upgrade proposals, and provide readers with key takeaways.

In this post, we'll cover what a wallet is, how wallets are made, and how they use elliptic curve cryptography to generate and secure private-public key pairs, derive seed phrases, and facilitate secure blockchain interactions.

This article explores OP_VAULT, a Bitcoin feature designed to enhance security by safeguarding funds from loss or unauthorized access. As Bitcoin adoption grows, OP_VAULT introduces "covenants," which let users establish predetermined guidelines for how their cryptocurrency can be used. This feature adds both security and flexibility for protecting digital assets.

Contracts, simply put, are restrictions on how tokens can be transferred, allowing users to specify the distribution of UTXOs through contracts. Many scaling solutions, such as the Lightning Network, are based on this principle, demonstrating that Bitcoin's scaling solutions heavily rely on introspection and contracts. In the crypto world, the most common method is commitment, often achieved through hashing. To prove that we meet the transfer requirements, a signature mechanism is needed for verification. Thus, contracts involve many adjustments related to hashing and signatures.

The Taproot Upgrade is a recent network upgrade that improved the scalability, privacy, and efficiency of the Bitcoin network.

This article explores the difficulty of upgrading Bitcoin, pointing out that this is mainly due to concerns about reduced rewards after halving, which has led to many hard forks. A review of Bitcoin's past few hard forks and an introduction to the experimental hard fork currently planned by LayerTwolabs. Although Bitcoin has always faced route issues, it is still seeking opportunities on a different path.

The article provides an in-depth exploration of the development history of Bitcoin technology, especially its challenges in handling large-scale applications and transaction scale. The article analyzes the limitations of Bitcoin's original technology, such as the UTXO model, non-Turing complete scripting language, and the history and reasons of Bitcoin forks. Subsequently, the article introduced in detail several key technologies in the development of Bitcoin, including OP_RETURN, Segregated Witness (Segwit), Taproot technology, as well as Schnorr signatures, MAST and Taproot Scripts. The article also discusses new Bitcoin-based protocols such as Ordinals, Inscriptions, and BRC-20, and how they promote the development of the Bitcoin ecosystem. Finally, the article looks forward to the potential applications of new technologies and their possible impact on future development.

The history of Bitcoin addresses and transfer methods is introduced in this article.

The primary method of storing your cryptocurrency is through a crypto wallet. Wallet management is a skill of its own, and understanding how it works is a critical part of keeping your funds safe. This article will cover private keys and seed phrases — the two crucial components of wallet management — and how to use them to ensure your funds remain as secure as possible.

This article reviews popular events in the market and analyzes the development of Bitcoin and the interests of various developers.

As the fervor around Ordinals and BRC-20 intensifies, a key question emerges: how can Bitcoin scale while maintaining its store of value, ensuring sustainable growth for the future?