Andreas Antonopoulos has affirmed that no matter the update that the developer of the Bitcoin network makes to its protocol, it will take long before it possesses the privacy feature present in Monero. The educator notes that even though he more than everyone else would like to see the feature present in the coming years, it is unlikely that it happens soon. In a recent question and answer segment on his YouTube show on July 7, he notes that bitcoin might never be able to implement the privacy feature that Monero has.
In his words, Antonopoulos said, “Due to some factors, I still think that developers of the Bitcoin network would find it hard to make transactions on the blockchain entirely private. Even if they might eventually do, it would take them a long time to say years of hard work,” the educator said.
Antonopoulos notes that Bitcoin is not a privacy coin
Antonopoulos said the creation of the bitcoin network’s privacy feature would generate massive controversy about the digital asset. Additionally, he notes that bitcoin does not support the ring signatures and stealth addresses. “I think what we’re going to see soon is Schnorr, Taproot, and Tapscript, which open the door to a lot of improvements,” Antonopoulos said.
Continuing in his words, Antonopoulos said, “But they still do not involve zero-knowledge proofs or the types of ring signatures and stealth addresses that are done in Monero. Bitcoin is not a privacy coin.” As a result of the features mentioned by Antonopoulos, such as Schnorr, Taproot, and Tapscript, people in the crypto industry have said the features might help bitcoin become a more private entity.
Blockstrew director says Taproot can make transactions invisible
Director at a blockchain firm, Blockstrew, Andrew Poelstra, has said that Taproot could make one transaction indistinguishable from the other on the BTC blockchain network. However, he still said that “transaction amounts and the transaction graph are still exposed, which are much harder problems to address.” Multisignature schemes features from Schnorr are another possibility of making the transactions private.
Poelstra noted that if the multi-signature schemes are used, it would not reveal the original set of signers or even provide the total number of original singers for MuSig transactions. In recent years, Bitcoin can be said to be pseudonymous rather than being anonymous. It is because transactions made on the Bitcoin blockchain can still be traced even with the privacy improvements made.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at [email protected] if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. CreditInsightHubs is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
