Groestlcoin 22th December Release
Groestlcoin Release December 2020
This development release brings another historical first for the cryptocurrency community, but before we delve into that, we at the Groestlcoin Core team would like to wish everyone a fantastic winter solstice (albeit a day late!), a wonderful Christmas and New Year.
This year has possibly the strangest year in many of our lifetime, but with several Covid-19 vaccines now coming through and being approved, hopefully 2021 will see the resuming of post-virus normality.
2020 wasn’t all that bad though. Bitcoin has seen a new all-time-high that was previously set in 2017, firmly breaking through the $20,000 barrier and of course, Groestlcoin is once again leading the charge as being a blockchain pioneer, being known as the first to activate and complete a Segwit transaction, and now for being the first cryptocurrency to activate and complete a Taproot transaction on Testnet on 19–12–2020 and 20–12–2020 respectively.
What is Taproot? Taproot is a modified advanced form of MAST which uses a trick to allow the creation of complex conditional transactions (i.e. multi-sig) which look like normal transactions.
This trick is called aggregate signatures or threshold signatures or threshold public keys and they take advantage of the possibility of adding two private keys together in order to respectively sign the public keys joined together.
Taproot intends to use this trick with MAST and multi-sig transactions to enable participants to aggregate their signatures and spend from a multi-sig just like a normal transaction together with Schnorr digital signatures that allow you to sign only once for different addresses using an aggregate signature.
TL;DR: Taproot, Schnorr and MAST are complementary innovations that bring fascinating and complex transactional capabilities into Groestlcoin. While Schnorr helps protect the privacy and partly increases scalability and privacy, Taproot focuses on making outputs and expenses within the network indistinguishable.
As ever, the Groestlcoin team have been fighting through the disruptive but necessary Covid-19 restrictions that each individual nation has taken and have been hard at work developing new projects as well as building upon and maintaining existing ones. Once again, this release showcases the developers untiring, unrelenting work over the past three months.
Originally published at https://www.groestlcoin.org on December 22, 2020.
