stallion on Nostr: Do you mostly use native segwit addresses or taproot ones? And why? Which one do you ...
Do you mostly use native segwit addresses or taproot ones? And why? Which one do you choose or use?
Take on that here (bear with me):
1) With the Taproot and Schnorr upgrade, we have moved to P2PK from sending bitcoins to P2PKH or P2WPKH.
There might be potential risk in very long term play if I understand that right.
2)Bitcoin addresses that are derived from public key hashes have the advantage that the public key cannot be derived from its hashes - irreversible step.
But Taproot address is different. We don't store key hashes ( result is that makes it smaller size) but we pay to public key (like old days with P2PK). That means that with theoretically enough computing power from quantum computers could "compute" private keys to published public keys. Right?
3)Is this a valid risk now? I don't think it is for now and foreseeable future. It would require advanced quantum computers that we don't have. Secondly the cryptography would fall apart as we know it today and would need to update and invent quantum resistant cryptography.
4) Thought:
If there will be in existence enough powerful quantum computers then the private key might be calculated during the approx. 10min time block when the public key is revealed (even in P2WPKH and P2PKH transactions) during UTXO spending. That means that even with transactions P2PKH or P2WPKH we solve nothing because public key is revealed when spending it.
Net-net: taproot is using P2PK but if there's a time when you can compute priv.key from pubkey then key hashed addresses have only partial protection till you spend those UTXOs ( with spend you have to reveal pubkey) and those ±10 mins blocks might suffice to make all computing.
My result: Yes, using taproot.
I am not an expert, just some thoughts on that.
Is my thought process correct? Maybe slush (npub1q3t…u7l3) can review my thought? Thank you for that in advance.
Back to the question, do you use taproot or native segwit?
#bitcoin #taproot #segwit #quantumcomputers
Take on that here (bear with me):
1) With the Taproot and Schnorr upgrade, we have moved to P2PK from sending bitcoins to P2PKH or P2WPKH.
There might be potential risk in very long term play if I understand that right.
2)Bitcoin addresses that are derived from public key hashes have the advantage that the public key cannot be derived from its hashes - irreversible step.
But Taproot address is different. We don't store key hashes ( result is that makes it smaller size) but we pay to public key (like old days with P2PK). That means that with theoretically enough computing power from quantum computers could "compute" private keys to published public keys. Right?
3)Is this a valid risk now? I don't think it is for now and foreseeable future. It would require advanced quantum computers that we don't have. Secondly the cryptography would fall apart as we know it today and would need to update and invent quantum resistant cryptography.
4) Thought:
If there will be in existence enough powerful quantum computers then the private key might be calculated during the approx. 10min time block when the public key is revealed (even in P2WPKH and P2PKH transactions) during UTXO spending. That means that even with transactions P2PKH or P2WPKH we solve nothing because public key is revealed when spending it.
Net-net: taproot is using P2PK but if there's a time when you can compute priv.key from pubkey then key hashed addresses have only partial protection till you spend those UTXOs ( with spend you have to reveal pubkey) and those ±10 mins blocks might suffice to make all computing.
My result: Yes, using taproot.
I am not an expert, just some thoughts on that.
Is my thought process correct? Maybe slush (npub1q3t…u7l3) can review my thought? Thank you for that in advance.
Back to the question, do you use taproot or native segwit?
#bitcoin #taproot #segwit #quantumcomputers