As a seasoned crypto investor with a strong background in blockchain technology, I’ve been closely following the developments in the Bitcoin ecosystem. The BEVM team’s technical yellow paper on Taproot Consensus has piqued my interest due to its innovative approach to building a decentralized Layer 2 solution directly on native Bitcoin technologies.
Cardiff, 英国, May 26th, 2024, Chainwire
On May 20, 2024, I was thrilled to read the technical yellow paper released by the BEVM team, titled “My Role in Taproot Consensus: A Decentralized Solution for Bitcoin‘s Layer 2.” This document outlines the implementation of Taproot Consensus using native Bitcoin technologies like Schnorr signatures, MAST, and SPV nodes. As a crypto investor, I find this approach remarkable because it builds a fully decentralized BTC Layer 2 solution without altering Bitcoin’s core code. Taproot Consensus signifies a substantial advancement in native Bitcoin scalability through innovative combinations of existing technologies.
I. History of Bitcoin’s Technical Iterations
- October 31, 2008: Satoshi Nakamoto published “Bitcoin: A Peer-to-Peer Electronic Cash System,” introducing Bitcoin and the concept of SPV (Simple Payment Verification).
- January 3, 2009: Nakamoto mined the Genesis Block, launching Bitcoin. The original code used ECDSA for digital signatures instead of the more suitable Schnorr signatures, which were under patent protection at the time. Schnorr signatures retain all the functionalities and security assumptions of ECDSA and can surpass the 15-signature limit of ECDSA, enabling the management of Bitcoin with thousands of addresses without affecting signing speed.
- 2018: Bitcoin core developers proposed integrating Schnorr signatures into the Bitcoin network.
- November 14, 2021: The Taproot upgrade integrated Schnorr signatures and introduced MAST (Merkelized Abstract Syntax Trees), enabling smart contract-like capabilities and decentralized multi-signature management.
- The Taproot Consensus solution by BEVM builds on these advancements, combining Schnorr signatures and MAST to manage multi-signature addresses and enable complex business scenarios in Bitcoin Layer2.
II. Overview of the Taproot Consensus Solution:
A yellow document initiates by underlining Bitcoin’s lack of Turing completeness and restricted features in the realm of smart contracts. It advocates for leveraging Bitcoin’s current abilities to develop a decentralized Level 2 resolution instead of altering Bitcoin’s foundational Level 1.
The Taproot Consensus of BEVM integrates Bitcoin’s Taproot innovation (which includes Schnorr signatures and Multi-signature Asset Spending Templates), Simplified Payment Verification (SPV) light nodes in Bitcoin, and the Byzantine Fault Tolerance Proof of Stake (BFT PoS) consensus mechanism to establish a decentralized and harmonious Layer 2 Bitcoin network.
III. Detailed Explanation of Taproot Consensus Architecture
As a crypto investor, I’d describe Taproot Consensus architecture in this way: This system is made up of three essential elements that work together. Firstly, there’s Schnorr signatures with Multi-Authority Spending Thresholds (Schnorr+MAST), which enhances transaction privacy and flexibility. Secondly, we have Bitcoin Simple Payment Verification (SPV) that allows lightweight nodes to validate transactions without downloading the entire blockchain. Lastly, there’s Aura and Grandpa, which are Merkleized Abstract Syntax Trees designed for efficient consensus mechanism and finality guarantee.
Uses these technologies from the Taproot upgrade to achieve decentralized Bitcoin multisignature management driven by Bitcoin code.” could be:
· Bitcoin Lightweight Client: Enables the synchronization and confirmation of Bitcoin transactions without requiring a comprehensive node setup.
As a crypto investor, I would describe it as follows: I prefer projects that utilize advanced Proof of Stake (PoS) consensus mechanisms, such as Aura and Grandpa, to ensure robustness against Byzantine faults. These protocols prioritize high consistency among network nodes, ensuring the stability and reliability of the blockchain system.
As a researcher studying the Bulletproofs Extended Verifiable Merkle Tree (BEVM) system, I can explain it this way: In BEVM, validators each hold a Bitcoin private key for generating Schnorr signatures. By aggregating these public keys into a MAST tree, we enable Bitcoin transfers and inscriptions to the threshold signature address. I, as a validator, act as a Bitcoin SPV (Simple Payment Verification) light node, securing and synchronizing the BTC network state without needing full node capabilities. Aura+Grandpa, our Layer 2 network’s security solution, guarantees its trustworthiness through Byzantine Fault Tolerance consensus, managing assets within this system.
As a crypto investor, I’d explain Taproot Consensus like this: In the Bitcoin Economic Virtual Machine (BEVM), each validator holds a private key for Schnorr signatures to ensure security and efficiency. The beauty of Schnorr signatures lies in their ability to be aggregated, which enhances the system’s overall security and performance.
IV. Other Technical Details in the Yellow Paper – True Decentralization
The yellow document provides a detailed explanation of Schnorr signatures, MAST, Bitcoin SPV light nodes, and Aura+Grandpa, offering a thorough technical guide for individuals intrigued by Bitcoin technologies. It discusses the specifics of Musig2’s implementation and sets it apart from other BTC Layer 2 initiatives, such as Mezo, which employs the tBTC protocol. In contrast to tBTC, which depends on a group of nine signatories, Taproot Consensus merges multi-signature networks with BFT Proof of Stake consensus, ultimately ensuring genuine decentralization.
Additionally, the yellow document provides details on how Musig2 is put into practice and highlights the distinctions between other Bitcoin Layer 2 projects such as Mezo and Taproot Consensus. Mezo’s foundation lies in the tBTC protocol which utilizes Bitcoin multisignature to build a threshold signature network, delivering robust consistency compared to conventional distributed networks. Nevertheless, tBTC continues to depend on a group of nine signatories, whereas a genuinely decentralized system should be consensus-driven, merging multi-signature networks with BFT PoS (Byzantine Fault Tolerance Proof of Stake) consensus mechanisms. The disparity between distributed networks and blockchains is that distributed networks prioritize distribution but lack Byzantine fault tolerance, whereas blockchains, being distributed networks as well, are propelled by Byzantine fault tolerance consensus, resulting in true decentralization. Taproot Consensus embodies this more sophisticated design. Through the incorporation of Schnorr signatures, MAST, Bitcoin SPV light nodes, and Aura and Grandpa Byzantine fault-tolerant consensus mechanisms, it creates a highly consistent and secure Layer 2 scalability solution for Bitcoin. This integration strengthens the scalability and convenience of the Bitcoin network and ensures the security and consistency of the BEVM network.
Conclusion
As a crypto investor, I’m excited about the BEVM team’s technical yellow paper that provides an in-depth explanation of Taproot Consensus, a Bitcoin Layer 2 solution entirely based on native Bitcoin technologies. This innovation aligns with Bitcoin’s original technological vision, making it a significant advancement in Bitcoin’s scalability. As the Bitcoin ecosystem continues to grow and adapt, solutions like Taproot Consensus will become essential building blocks for decentralized Bitcoin Layer 2 solutions that maintain the integrity of Bitcoin’s core principles.
About BEVM
BEVM represents the initial decentralized, EVM-aligned Bitcoin Layer 2 solution. It enables Ethereum-based DApps to function on Bitcoin, leveraging Bitcoin as fuel. By extending Bitcoin’s functionality, BEVM delivers a safe and expansive environment for decentralized apps. The platform incorporates sophisticated consensus algorithms, cross-chain communication, and unyielding data reliability to guarantee a smooth experience. BEVM aspires to revolutionize the Bitcoin community by introducing expanded scalability, heightened security, and compatibility with prominent Ethereum development resources.
For more information, users can visit BEVm’s official website or follow BEVM on Twitter.
Contact
Tommie
BEVM
tommie@bevm.io
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2024-05-26 14:12