Chinese Crypto Exchanges Suspended Contract Trading, Traders Flock to OTC Desks

China’s recent crackdown on crypto miners and traders has forced local crypto firms to withdraw their operations partially. In the latest development, Chinese journalist Wu Blockchain reports that owning to the regulatory changes, BitMart has decided to suspend contract trading services for all its users. All the previous transactions can be closed, however, no new […]

Support for P2WSH-wrapped P2TR addresses

Given that Taproot addresses use a new SegWit version and a new address encoding (bech32m), it’s reasonable to expect a transition from the ecosystem to this new address version similar to what we saw for the P2PKH/P2SH -> P2WPKH/P2WSH transition. It wouldn’t be strange if we see at the very least a multi-month transition period, where some wallets can generate Taproot addresses, but many services like exchanges don’t support making withdrawals to these new addresses.

Following that line of thinking, the transition to Taproot could be much smoother for wallets and end-users if we had a strategy similar to what the P2SH-wrapped outputs did for SegWit.

In BIP341, there’s a security argument for why P2SH-wrapped outputs are not supported: since they use a 160-bit hash, they only provide 80 bits of collision resistance, which is too low. However, after 3.5 years of transition, most of the industry already supports withdrawals to P2WSH addresses. P2WSH outputs use a 256-bit hash, which provides the same 128 bits of collision resistance as the top-level P2TR outputs.

Is there any other reason for not supporting P2WSH-wrapped P2TR outputs?

Interview: The Variety Of Bitcoin With Texan HODL

We had the opportunity to sit down with Texan HODL and discuss his rabbit hole story and what makes Bitcoin special to him. Watch This Episode On YouTube Listen To This Episode: Apple Spotify Libsyn Overcast Google In this episode of Bitcoin Magazine’s “Meet The Taco Plebs,” BtcCasey and Tyler Laroche were joined by Texan […]

The Creator Of The Digital Yuan Allowed The Integration Of National Digital Currencies With Ethereum

The post The Creator Of The Digital Yuan Allowed The Integration Of National Digital Currencies With Ethereum appeared first on Coinworldstory.

Former Head Of The Digital Currency Project Of The People’s Bank Of China, Yao Qian, Believes That National Digital Currencies Must Become “Smart” And For This Purpose They Can Use Systems Such As Ethereum And Diem (Formerly Libra). This Way They Will Be Able To Remain Competitive In The Face Of Widespread Digitalization. Qian Spoke […]

The post The Creator Of The Digital Yuan Allowed The Integration Of National Digital Currencies With Ethereum appeared first on Coinworldstory.