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<ul><li><keyword id="6354947" type="General" weightage="20" keywordseo="bitcoin" source="Orion">Bitcoin</keyword>'s Taproot update is the first major upgrade to cryptocurrency's code since the SegWit update four years ago in 2017.</li><li>Taproot consists of three <keyword id="12490953" type="General" weightage="20" keywordseo="bitcoin-improvement-protocols" source="Orion">Bitcoin Improvement Protocols</keyword> (BIPs), which will introduce more privacy, better smart contracts and cheaper transaction costs to the network.</li><li>Taproot was formalised in June, earlier this year, when 90% of the miners on Bitcoin’s network reached a consensus to push the proposal through.</li></ul>Bitcoin, the world’s first and most valuable cryptocurrency, is set to get a makeover in six days. According to <a href="https://taproot.watch/about">taproot.watch</a>, a tracker developed by blockchain developer Hampus Sjöberg, the Taproot upgrade for the Bitcoin network is six days away. It was formalised in June, when 90% of the network’s miners accepted it. Like Ethereum’s <a href="https://www.businessinsider.in/investment/news/ethereum-london-upgrade-is-taking-place-today-heres-what-could-happen-after-the-update/articleshow/85065884.cms">London Hard Fork</a> back in August, this too is basically a change to the code in Bitcoin’s underlying protocol. Taproot isn’t just a single update. Rather, it is a combination of three different Bitcoin Improvement Protocols (BIPs) — BIP 340, 341 and 342. The Bitcoin Improvement Protocol is a <a href="https://river.com/learn/terms/b/bitcoin-improvement-proposal-bip/">formalised system</a> of improving the Bitcoin protocol, undertaken by the community with consensus from miners. It has been responsible for big changes like 2017’s SegWit, which was the last big update to Bitcoin to help the cryptocurrency scale. It enabled the Lightning Network to be launched on top of the Bitcoin protocol. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> So four years down the line, how will Taproot change the way Bitcoin operates? <cmsannotation type="cmsannotation" annotationid="Bitcoin promises to offer better smart contracts" comment="subhead" text="Bitcoin promises to offer better smart contracts">Bitcoin promises to offer better smart contracts</cmsannotation> The Bitcoin network does have smart contracts right now, but they’re virtually useless on the platform. Unlike Ethereum, Cardano or Solana, using smart contracts on Bitcoin increases the transaction fees and the total size of data on the Bitcoin network. One of the ways Taproot addresses this problem is by moving from the current Elliptic Curve Digital Signature Algorithm (ECDSA) to the Schnorr Signature Algorithm (SSA). With SSA multiple transactions done to a Bitcoin wallet don’t need to show up separately. Instead, they can be hashed under one transaction and assigned an unique key, which can be useful for streamlining various applications, like creating Bitcoin based funds where transactions happen from multiple parties to one wallet. <cmsannotation type="cmsannotation" annotationid="Cheaper transactions on Bitcoin" comment="subhead" text="Cheaper transactions on Bitcoin">Cheaper transactions on Bitcoin</cmsannotation> In addition, when smart contracts are used, a system called Merklized Alternative Script Trees (MAST) will come into play. With this, conditions placed on a transaction can all be condensed into one script, which means they will take up less data. This is what signifies smart contracts even more, since under the current system each condition is hashed separately, which increases the total storage on the blockchain and in turn inflates the transaction fees. Lower fees means more merchant adoption and more adoption. At the moment, the Bitcoin network can handle about four to five transactions per second, and transaction fees can swell to $75 or more. We don’t know how much cheaper they’ll be after Taproot, but they promise to be cheaper. “Taproot matters, because it opens a breadth of opportunity for entrepreneurs interested in expanding Bitcoin’s utility,” Alyse Killeen, founder and managing partner of bitcoin-focused venture firm Stillmark, <a href="https://www.cnbc.com/2021/06/12/bitcoin-taproot-upgrade-what-it-means.html">told</a> CNBC in June. This could open the doorway to Bitcoin entering the world of decentralised finance (DeFi) and non-fungible tokens (NFTs) in a more meaningful way. Perhaps, even challenging the front-runner, Ethereum. <cmsannotation type="cmsannotation" annotationid="Bitcoin will offer more privacy" comment="subhead" text="Bitcoin will offer more privacy">Bitcoin will offer more privacy</cmsannotation> You would have often read publications like ours citing data from blockchain tracking firms. Bitcoin’s public system was a boon when it began, but it also made the network less private in a way. As more crypto adoption happens worldwide, the need for privacy has grown. Blockchain-based systems need to make it more difficult to track transactions based on public wallet addresses. SSA’s bundling system means that while tracking algorithms will be able to see what transactions have happened, it won’t be as easy to detect who’s sending BTC where. In a way, it makes Bitcoin more like cash transactions in our current banking systems. Further, in the smart contract system, transactors will have access only to the condition they’re fulfilling. So, if a transaction has multiple conditions for fulfilment, and can be fulfilled as long as any one is met. The person making the transaction will know only the condition they have fulfilled instead of knowing every condition that was set in the first place, which is what happens now. This can be useful for building apps on Bitcoin, where these conditions might initially be a key part of a developer’s intellectual property. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-defi-protocols-lost-1-4-billion-this-year-but-recovered-over-half-of-it/articleshow/87505660.cms">Crypto DeFi protocols lost $1.4 billion this year but recovered over half of it</a> <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-and-ethereum-price-to-double-by-the-end-of-2021/articleshow/87489964.cms">Two of the biggest cryptocurrencies in the crypto market are set to double in value this year, according to analysts</a> <a href="https://www.businessinsider.in/cryptocurrency/news/polkadot-hits-a-new-all-time-high-of-51-ahead-of-its-very-first-parachain-auctions-getting-approved/articleshow/87484392.cms">Polkadot hits a new all-time high of $51 ahead of its very first parachain auctions getting approved</a>

Bitcoin is set to get an upgrade after four years — it promises more privacy and better smart contracts

<ul class="summary-list"><li>The biggest upgrade to the <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> network in four years is slated to happen over the weekend.</li><li>Unlike the last upgrade in 2017, <keyword id="12527007" type="UNKNOWN" weightage="60" keywordseo="taproot" source="Orion">Taproot</keyword> has received near-universal support in the bitcoin community.</li><li>Here's what you need to know, from the BIPs to what this may mean for the network.</li></ul>The biggest upgrade in bitcoin's network in four years is slated to happen over the weekend. Here's what you need to know.Taproot is the first change to bitcoin's protocol since SegWit, the last upgrade which took place in July 2017.Unlike the highly controversial SegWit, which caused a "civil war" in the bitcoin community, Taproot has received a near-universal consensus, Ninos Mansor, partner at Arrington XRP Capital Partner, a <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> investment firm, told Insider. The upgrade is aimed primarily at making the cryptocurrency's network more private, secure, and scalable, encompassed by three separate Bitcoin Improvement Proposals or BIPs. These are:<ul><li>BIP340 - replaces Elliptic Curve Digital Signature Algorithm with Schnorr Signatures, a cryptographic scheme that makes complex bitcoin transactions simpler and more secure.</li><li>BIP341 - builds on the SegWit upgrade and improves bitcoin privacy while lowering transaction fees. It also introduces MAST, which allows users to lock outputs to multiple scripts. </li><li>BIP342 - reforms Bitcoin's scripting language and introduces "Tapscript," which changes how signatures are evaluated. It also takes advantage of Schnorr signatures.</li></ul>The upgrade is also aimed at equipping the world's largest digital asset by market cap to be able to compete more with assets like ethereum, which is known for its programmable smart contracts.Mansor elaborates on these proposals in the <a href="https://arringtonxrpcapital.com/wp-content/uploads/2021/10/life_after_taproot.pdf">29-page report</a> published last month. But more than the technicalities of the upgrades, it is the act of upgrading the network that is just as important, he said."The upgrade could be a macro turning point for evolvability and innovation, merging the best of post-Segwit conservatism with the energy of new beginnings," Mansor wrote in the report. "It is a meta-upgrade, a chance to redefine what it means to contribute to bitcoin, whether one is a miner, developer, or full node."And even if Taproot will only introduce marginal changes, Mansor told Insider the upgrade is crucial as it sets the protocol up for future ones. This, he said, will also debunk theories that bitcoin is "stagnant." But how will the upgrade affect retail traders? For starters, bitcoin transactions will be more affordable, more secure, and more private, Mansor said. Keys, for instance, will not be as exposed on the chain because multisig outputs, single sig outputs, and other complex smart contracts will all look the same. "People will be even more confident in the network," he added.Taproot was approved by miners around the world in June 2021 after being initially proposed by core developer Gregory Maxwell in <a href="https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2018-January/015614.html">January 2018</a>. The long lead time between the proposal and the activation has to do with the numerous rounds of reviewing and testing.Multiple dashboards and predictions including <a href="https://bitcoin.clarkmoody.com/dashboard/">Clark Moody Bitcoin</a>, <a href="https://taproot.watch/">Taproot Watch</a>, and <a href="https://www.nicehash.com/countdown/btc-forking-2021-11-15-12-00">Nice Hash</a>, reveal the date of activation to be on November 14.Simply put, Taproot is set to make bitcoin's network better and more robust, Mansor said. "It makes complicated transactions easier to achieve while improving privacy and scalability."

What to expect from Taproot, the biggest upgrade to the bitcoin network in 4 years

<ul class="summary-list"><li><keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> could top $1 million per coin by 2030, according to <keyword id="11893881" type="UNKNOWN" weightage="60" keywordseo="cathie-wood" source="Orion">Cathie Wood</keyword>'s <keyword id="11898779" type="UNKNOWN" weightage="60" keywordseo="ark-invest" source="Orion">Ark Invest</keyword>.</li><li>Network upgrades, and growing adoption by countries and institutions are factors that could help it flourish, the firm's research showed.</li><li>Bitcoin mining will encourage and generate cleaner solutions, Ark said.</li></ul>Famed stock-picker Cathie Wood's Ark Invest has another bold prediction for where <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> is headed, even as the price struggles at multi-month lows.Bitcoin's price could exceed $1 million by 2030 as investors remain focused on its long-term value, according to the investment firm.The top cryptocurrency's market capitalization is still only a fraction of total global asset values, and is likely to scale as other countries follow <a href="https://www.businessinsider.com/el-salvador-makes-bitcoin-legal-tender-2021-9">El Salvador in adopting it as legal tender</a>, Ark analyst Yassine Elmandjra wrote in the firm's <a href="https://research.ark-invest.com/hubfs/1_Download_Files_ARK-Invest/White_Papers/ARK_BigIdeas2022.pdf?hsCtaTracking=217bbc93-a71a-4c2b-9959-0842b6fe301c%7C2653a4d0-af35-42f0-853a-c5f90f002abb">Big Ideas report</a> published Tuesday."According to our estimates, the price of one bitcoin could exceed $1 million by 2030," he said.Bitcoin has taken a bit of a beating in recent days, sinking to a six-month low of around $33,000, <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-altcoins-crypto-markets-recovery-blockchain-ethereum-solana-cosmos-2022-1">on expectations of tighter Federal Reserve policy</a>. It was trading at $37,926 in European morning trading on Tuesday, and is down 18% so far in January, according to <a href="https://www.coingecko.com/en/coins/bitcoin?__cf_chl_jschl_tk__=eR7U8uzJwMPyvElVf_fT_pSJLWkTWKcOsOkElAh2Fuw-1641461259-0-gaNycGzNCeU">CoinGecko data</a>.According to Ark's research, information on blockchain networks shows at least 13.5 million bitcoins haven't been moved in more than 155 days, suggesting a long-term holding behavior pattern.Moreover, bitcoin's annual settlement volume has surpassed Visa's, with more than $13.1 trillion of value being settled on the network in 2021.Other developments that could encourage wider use of bitcoin are the <a href="https://markets.businessinsider.com/news/currencies/bitcoin-taproot-upgrade-segwit-bip-network-november-btc-2021-11">Taproot upgrade</a>, the first change to its protocol since July 2017, and the transaction speed-boosting <a href="https://markets.businessinsider.com/news/currencies/the-lightning-network-is-driving-mainstream-bitcoin-adoption-2021-8">Lightning Network</a>, Ark said.Bitcoin attraction among institutions is also broadening among players including Grayscale, Block.one, <a href="https://markets.businessinsider.com/stocks/mstr-stock">MicroStrategy</a>, and <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> after the arrival of more regulated products and corporate adoption, the research showed. 8% of bitcoin's circulating supply is now held by exchange-traded products, corporations, and nation-states, <a href="https://twitter.com/yassineARK/status/1486067712757534723">according to the analyst</a>.Separately, the investment firm believes that the conversation on bitcoin's negative environmental impact seems ill-informed.<a href="https://www.businessinsider.com/bitcoin-mining">Bitcoin mining</a>, the system that adds new coins to the blockchain, could actually <a href="https://twitter.com/yassineARK/status/1486067738015588354">benefit the energy industry</a> as it incentivizes cleaner solutions, Ark said.Bitcoin mining machines around the world <a href="https://www.businessinsider.com/energy-consumption-of-nft-cryptocurrency-mining-and-sustainable-alternatives-2021-7">reportedly</a> consume as much power per year as Bangladesh, a country of over 160 million people. This apparent toll on sustainability has often stirred debate about owning and trading <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>.Billionaire Bill Gates, an outspoken climate change advocate, has <a href="https://www.businessinsider.com/microsoft-tesla-elon-musk-cryptocurrency-climate-change-damage-economist-roubini-2021-3">criticized bitcoin's environmental impact</a>, saying it uses "more electricity per transaction than any other method known to mankind."But to Ark's Elmandjra, bitcoin is the asset most compatible with ESG (Environmental, Social, and Corporate Governance) norms."Our research suggests that bitcoin has the potential to transform monetary history by providing financial freedom and empowerment in a fair, global, and distributed way," Elmandjra wrote.In September, Cathie Wood predicted <a href="https://markets.businessinsider.com/news/currencies/cathie-wood-bitcoin-price-prediction-jump-500000-ether-confidence-high-2021-9">bitcoin will soar to $500,000</a> in five years. She also touted a 60-40 bitcoin-to-<a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a> <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> portfolio. Read More: <a href="https://www.businessinsider.com/crypto-tax-2021-strategies-tips-blockchain-executive-and-accountant-2022-1">4 crypto tax-avoidance strategies that can build long-term wealth: A blockchain executive and crypto accountant break down ways of getting your crypto tax to zero</a>

Cathie Wood's Ark Invest says the price of a single bitcoin could top $1 million in just another 8 years

<ul class="summary-list"><li>"<keyword id="11938288" type="UNKNOWN" weightage="60" keywordseo="shark-tank" source="Orion">Shark Tank</keyword>" star <keyword id="12002052" type="UNKNOWN" weightage="60" keywordseo="kevin-oleary" source="Orion">Kevin O'Leary</keyword> told a Reddit Talk session his <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> holdings now make up 10% of his portfolio.</li><li>He said this was down to the appreciation in value of the cryptocurrencies he owns, rather than his increasing his exposure.</li><li>O'Leary said he owns bitcoin, ether and stablecoin USDC.</li></ul>"Shark Tank" star Kevin O'Leary's cryptocurrency holdings now make up 10% of his portfolio, he said on a Reddit Talk <a href="https://www.youtube.com/watch?v=ddjM6aA01ZA">session</a> Thursday.Once a <a href="https://markets.businessinsider.com/news/currencies/kevin-oleary-bitcoin-btc-praising-crypto-etfs-2021-3">crypto skeptic</a>, now a vocal supporter of the sector, O'Leary said he has bought <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a>, <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a> and USD coin, a stablecoin pegged to the dollar. But he declined to share all of his holdings in the online discussion about his investment strategy.His portfolio has grown "remarkably," he said, but put this down to the appreciation in value of the cryptocurrencies he owns, rather than an increase in his exposure."At the beginning of the year, I was at 3% weighting," he said. "The target was to get 7% by year-end. However, because of the appreciation of so many of the assets I have now, we're almost at 10% today.""So, we're going to end up at the end of the year with a very significant holding in crypto assets, and it's not just bitcoin," O'Leary said.Bitcoin has notched new all-time highs in recent weeks, thanks to enthusiasm for the launch of related ETFs from <a href="https://markets.businessinsider.com/news/currencies/proshares-bitcoin-futures-fund-fastest-etf-top-1-billion-aum-2021-10?utm_source=markets&amp;utm_medium=ingestgest">ProShares</a> (BITO) and<a href="https://www.sap.com/products/human-resources-hcm.html?campaigncode=CRM-HC21-HIE-TWKS_BZ&amp;source=onlinedisplay-us-BIZINSIDER-313798932-x-HXM_HI-x-x&amp;DFA=1mp;DFA=1"> Valkyrie</a> (BTF), and for the upcoming "taproot" upgrade to its network. Meanwhile, ether - the native token for the ethereum network - has steadily risen to <a href="https://markets.businessinsider.com/news/currencies/bitcoin-ether-price-highs-weaker-dollar-taproot-upgrade-investment-sentiment-2021-11">fresh records</a> as more financial products backed by the coin look set to launch.While the Canadian businessman holds ether, he acknowledges other cryptos also promise to play a part in decentralized finance. He has said the ethereum network is <a href="https://markets.businessinsider.com/news/currencies/kevin-oleary-ethereum-speed-crypto-regulation-trillion-dollar-bitcoin-opportunity-2021-9">too slow.</a> Solana is seen as faster <a href="https://markets.businessinsider.com/news/currencies/sam-bankman-fried-solana-ethereum-mass-adoption-crypto-ftx-2021-11">and</a> cheaper."Some people think the game is over, and ethereum is it, but I don't agree. There are many other alternatives, whether it be solana or anything else," he said. "If you're an investor like I am, you want diversification. That's the key."O'Leary said he has holdings in companies developing crypto products such as decentralized wallets. He explained that he looks at the technology underlying the asset or product and its use cases."I am a software investor," O'Leary said. "I am going to put an allocation into the software of crypto because I believe it will change and be disruptive to a lot of different <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> all around the world."Questions he asks himself are: "Can I identify the best teams? The best developers? How do I invest in them? What ledger is that? Should I own a piece of that, too?"

Shark Tank star Kevin O'Leary says his crypto holdings now make up 10% of his portfolio thanks to the appreciation of those assets

<ul class="summary-list"><li>Ether and <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> both rallied for a fourth day on Tuesday to record highs, topping $4,800 and $68,500, respectively.</li><li>The coin's momentum spilled over into Tuesday thanks to a lower dollar and an upcoming network upgrade.</li><li><keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">Crypto</keyword> fans including the Winklevoss twins and El Salvador's Nayib Bukele, hit Twitter to cheer on the rally.</li></ul>Ether and bitcoin rallied for a fourth day on Tuesday to record highs off the back of a weaker dollar, an upcoming upgrade and positive investor sentiment. Ether was up 1.6% in 24 hours, having risen earlier to hit a high of $4,842.54 on Coinbase, while bitcoin was last up 3% after reaching a new peak of almost $68,600. Ether has climbed 9% over the last four days, while bitcoin has risen about 8%. "​​Both digital Dutch tulips, bitcoin and ether, have hit record highs this morning as the street continues to buy on a positive technical picture (and) a lower dollar," Jeffrey Halley senior analyst at OANDA, a research and trading firm, said in a note to clients Tuesday. The dollar was largely down against major currencies like the Canadian dollar, Japanese yen, pound and euro. A weaker dollar can offer a boost to assets denominated in the US currency, such as crypto, gold or copper, for example.Another factor that has propelled both bitcoin and ether has been new buyers jumping into the market. Coinbase, one of the largest exchanges, was the most<a href="https://markets.businessinsider.com/news/currencies/ether-price-bitcoin-record-crypto-market-cap-cameron-tyler-winklevoss-2021-11"> downloaded</a> app in the US last week, according to GlobalBlock. "The positive performance of the digital currency is fueled primarily by an organic buy-up from both retail and institutional investors," Vasja Zupan, president of Matrix Exchange, an Abu Dhabi exchange, said. He also attributed the rise to the fact that bitcoin's upcoming "taproot" upgrade that is set to reduce gas fees for transactions and make the network more scalable is due later this week, according to <a href="https://twitter.com/hampus_s/status/1403688579440783367?s=20">developers</a>."Bitcoin has robust fundamentals that will not only help maintain its current uptrend, but place it on a trajectory to reach new price peaks several times over by year-end," Zupan continued. Ether's gains have also been propelled by technical developments, as well as demand. An upgrade to the network has raised the burn rate for tokens and more financial products backed by the coin look set to launch.Bloomberg analysts <a href="https://markets.businessinsider.com/news/currencies/ethereum-futures-etf-available-before-bitcoin-spot-fund-crypto-btc-2021-11?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">predicted</a> last week that the first ethereum futures-based exchange traded fund could launch by the beginning of next year. Meanwhile, Bakkt, a digital asset manager, told <a href="https://markets.businessinsider.com/news/currencies/bakkt-ether-trading-ethereum-bitcoin-digital-assets-crypto-custody-investors-2021-11?utm_source=markets&amp;utm_medium=ingestgest">Insider </a>over the weekend it planned to let its clients buy, hold and sell ether through its app by the end of the year. Not all investors are bullish on ether. "With ethereum now in uncharted water, price action may get increasingly volatile and as such should be treated with caution," Nick Cawley, strategist at Daily FX said in a note to clients Monday.However, Cawley felt that bitcoin had solidified in an uptrend."The daily bitcoin chart remains positive with the recent bullish channel being reclaimed over the weekend," Cawley explained. As bitcoin rallied, crypto fans Tyler and Cameron Winklevoss, the founders of the Gemini exchange, helped fuel yesterday's price rises. "68k down. Next stop $69,420," Cameron Winklevoss said on <a href="https://twitter.com/cameron/status/1457925844148490244">Twitter</a> Tuesday. "68k. Next stop 70k," Tyler Winklevoss said on <a href="https://twitter.com/tyler/status/1457924673354678274">Twitter</a> Tuesday. Nayib Bukele, the President of El Salvador, also cheered on bitcoin's gains."Buy<a href="https://twitter.com/hashtag/Bitcoin?src=hashtag_click"> #Bitcoin</a> and save the puppies!" Bukele said on <a href="https://twitter.com/nayibbukele/status/1457924928829902859">Twitter </a>Tuesday referring to the fact that some of his country's bitcoin profits were going towards building a state-of-the-art <a href="https://markets.businessinsider.com/news/currencies/el-salvador-president-nayib-bukele-crypto-bitcoin-pet-hospital-2021-10">veterinary hospital.</a>

Bitcoin nears $70,000, while ether eyes $5,000 as the rally extends into a fourth day, aided by a weaker dollar and upbeat investor sentiment

<ul class="summary-list"><li><keyword id="11893899" type="UNKNOWN" weightage="60" keywordseo="vitalik-buterin" source="Orion">Vitalik Buterin</keyword> has cast doubt on whether <keyword id="11893903" type="UNKNOWN" weightage="60" keywordseo="jack-dorsey" source="Orion">Jack Dorsey</keyword> and Mark Zuckerberg's crypto-related projects can fulfill their promise.</li><li>Dorsey's DeFi project based on <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> for payments company Square is functionally impractical, the co-creator of <keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword> said.</li><li>A "huge amount of mistrust" in Facebook could hamper its future crypto-related projects, Buterin said.</li></ul><a href="https://markets.businessinsider.com/currencies/eth-usd">Ethereum</a> co-creator Vitalik Buterin poked holes on Thursday in Jack Dorsey and Mark Zuckerberg's attempts to break digital-asset ground for their companies Square and Facebook.<a href="https://markets.businessinsider.com/stocks/sq-stock">Square</a> and Twitter CEO Dorsey <a href="https://markets.businessinsider.com/news/currencies/bitcoin-jack-dorsey-defi-square-twitter-crypto-decentralized-finance-2021-07">said in July</a> that the digital payments company will launch a decentralized finance, or DeFi, business focused on <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a>. The project will enable non-custodial, permissionless, and DeFi services for bitcoin, Dorsey said.But Buterin <a href="https://www.youtube.com/watch?v=UUzsWTunbT4">told Bloomberg</a> that bitcoin, the world's leading cryptocurrency, doesn't have the functionality to power such a project since it was largely designed to be a "currency of the house.""On ethereum, there's native functionality that allows you to essentially directly put ETH or ethereum-based assets into these smart contracts, into these lock-boxes, where there's then arbitrary conditions that can govern how those assets get released," Buterin said in a video interview released Thursday."Jack is basically going to have to essentially create his own system that enforces those rules," he added.There has been a surge of interest in DeFi, which promises to shake up financial services by eliminating the middleman and central oversight. Of the hundreds of projects launched, DeFi apps based on ethereum have proved the most appealing. But bitcoin DeFi will likely benefit from the Taproot update due later this year.Read more: <a href="https://www.businessinsider.com/kevin-oleary-crypto-investing-strategy-portfolio-allocation-defi-ethereum-ether-2021-8?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">'Shark Tank' star Kevin O'Leary breaks down why he's ramping up his crypto allocation to 7% and investing heavily in DeFi - and explains why ether won't be the dominant token in financial services</a>Buterin, who recently joined the <a href="https://markets.businessinsider.com/news/currencies/vitalik-buterin-dogecoin-foundation-elon-musk-cryptocurrency-crypto-2021-8">dogecoin foundation</a> as an advisor, was skeptical too about Zuckerberg wanting to <a href="https://www.businessinsider.com/zuckerberg-said-facebook-will-eventually-become-a-metaverse-company-2021-7">transform Facebook</a> into a "metaverse" company. The metaverse is a virtual-reality space, representing a 3D internet that spans both the physical and virtual worlds. Facebook has already invested heavily in virtual-reality since its the technology that "delivers the clearest form of presence," Zuckerberg told <a href="https://www.theverge.com/22588022/mark-zuckerberg-facebook-ceo-metaverse-interview">The Verge</a>.Buterin said the tech mogul is clearly trying to anticipate the next stage of the internet "before the rest of the world goes in some different direction and <a href="https://markets.businessinsider.com/stocks/fb-stock">Facebook</a> is sort of left in the dust."He said a "huge amount of mistrust" in Facebook prevented its digital currency project <a href="https://www.businessinsider.com/facebook-libra-flopped-before-crypto-boom-zuck-never-gives-up-2021-4">Libra</a> from taking off. It could prove ineffective for the social media giant's future crypto-related projects, such as building its own blockchain, he argued. Buterin recommended that Facebook and Square use existing blockchain networks instead as "there are already multiple projects trying to do that."When he was quizzed about his plans for the ethereum network in the next five to 10 years, Buterin said: "hopefully running the metaverse."Read More: <a href="https://www.businessinsider.com/remote-bitcoin-mining-expert-compass-crypto-investing-strategy-adam-gitzes-2021-8" target="_blank" rel="noopener noreferrer">Adam Gitzes earns around $190 a day from remote bitcoin mining as a side hustle. He shares 2 reasons why it's 'a great time' to start - and his tips for finding success with it.</a>

Ethereum co-founder Vitalik Buterin doesn't think Jack Dorsey or Mark Zuckerberg can pull off their crypto-focused projects

<ul class="summary-list"><li><keyword id="688028" type="CITY" weightage="60" keywordseo="Square">Square</keyword> CEO <keyword id="265395" type="PERSON" weightage="60" keywordseo="Jack-Dorsey">Jack Dorsey</keyword> earlier this week announced his payments company was building a new DeFi business on <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>.</li><li>Bitcoin DeFi is rising, albeit slowly, and could see significant gains from Square's entry into the space.</li><li>So far, DeFi services have largely been built on <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">ethereum</keyword>.</li></ul>Square CEO Jack Dorsey <a href="https://markets.businessinsider.com/currencies/news/bitcoin-jack-dorsey-defi-square-twitter-crypto-decentralized-finance-2021-07">earlier this week announced his payments company was diving</a> into the decentralized finance space. But he's not doing it on <a href="https://markets.businessinsider.com/currencies/eth-usd">ethereum</a>, the usual stock-in-trade of DeFi. Dorsey wants to build his platform with <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a>.DeFi, which some call the "fourth wave" of <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword>, is blossoming. Companies are building it, users are buying into it, and regulators are <a href="https://markets.businessinsider.com/currencies/news/defi-us-regulators-crypto-regulation-sec-cftc-uniswap-decentralized-finance-2021-6">worried about it</a>. Over $50 billion in assets is locked into a DeFi exchange, according to <a href="https://defipulse.com/">DeFi Pulse</a>.But the ethereum-based applications that have come to dominate DeFi, such as Uniswap and Compound, don't have to be the only option. Bitcoin DeFi is rising, albeit slowly, and could see significant gains from Square's entry into the space. By one <a href="https://defiprime.com/bitcoin">count</a>, there are at least 26 active bitcoin-related DeFi projects, spanning everything from derivatives trading to payments.So far, DeFi services have largely been built on ethereum, in part because of the cryptocurrency's easy use of smart contracts, pieces of code that automate agreements between two parties. 80% of products listed by DeFi Prime, an analytics firm, are based on ethereum.Smart contracts directly on the bitcoin blockchain could exist in principle, but the technology just hasn't come to fruition, said Peng Zhong, CEO of Tendermint and a developer at <a href="https://cosmos.network/">Cosmos</a>, a collective trying to stitch together independent blockchains."I've heard of smart contracts being able to be built directly on bitcoin for quite a while," Zhong, a veteran of the crypto world, told Insider. "I do feel like development has stalled a little bit. So we haven't seen any real examples of this yet."The main attempt to create bitcoin DeFi has come through the "Layer 2" network - that is, protocols built on top of "Layer 1," the main bitcoin blockchain. But by and large, smart-contract protocols on Layer 2 have simply received less development energy than smart contracts on ethereum."Ethereum is the network with the most developers," Tally Greenberg, business development head at Allnodes, told Insider. "But I think the smart contract idea is coming to bitcoin as well.""It will take a while for bitcoin to catch up," she added, noting that even a highly successful bitcoin DeFi ecosystem would be unlikely to hurt ethereum's development trajectory or price.As Dorsey's Square develops its new venture, bitcoin DeFi could get new impetus from <a href="https://www.cnbc.com/2021/06/12/bitcoin-taproot-upgrade-what-it-means.html">Taproot</a>, a protocol upgrade slated for this November. Taproot is supported by broad swathes of the bitcoin community, and will make a number of technical changes to bitcoin that should smooth the process of creating Layer 2 smart contracts."There are hundreds of projects on DeFi right now," said Greenberg. "The more the merrier!"

Bitcoin DeFi is on the rise as Jack Dorsey's Square muscles into territory long held by ethereum

<div class="KonaFilter image-container display-table float_right"><div><div class="image">Suntimes.com</div></div></div>The Chicago Sun-Times, the ninth-largest newspaper in the country, is trying out a Bitcoin paywall.
Starting Feb. 1, for 24 hours, readers will be able to donate some amount of Bitcoins, or confirm that they've Tweeted about a nonprofit called The Taproot Foundation, to access the site.
<a href="http://www.thedomains.com/2014/01/14/chicago-sun-times-to-test-bitcoin-and-twitter-paywall-with-startup-bitwall/">According to TheDomains.com</a> - the first to report the experiment - the goal is to test the functionality and acceptance of Bitcoins on the site.
The Taproot Foundation that connects professionals with pro bono work opportunities at other nonprofits.
The paywall will be set up by BitWall, which helps set up micropayment platforms for online publishers.
"We continue to experiment and test new technologies that we believe engage our readers and look forward to being the first major USA newspaper to test a Bitcoin-based paywall," Jim Kirk, the publisher and editor-in-chief of the Sun-Times, said in a statement.
We saw the story <a href="http://www.poynter.org/latest-news/mediawire/235884/sun-times-will-test-bitcoin-paywall/">on Poynter.</a>

The Ninth-Largest Newspaper In The Country Is Trying Out A Bitcoin Paywall

Welcome to our new Payments Insights newsletter, a morning email with the top news and analysis on the digital payments industry, produced by <a href="https://intelligence.businessinsider.com/welcome?utm_source=House&amp;utm_medium=Edit&amp;utm_term=PINSIGHTSutm_content=link&amp;utm_campaign=BIIMobile" target="_blank">BI Intelligence</a>. 
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<div class="KonaFilter image-container float_right" style="width:400px"><div class="image">AP</div></div>EXPERTS POSIT HOW THE TARGET DATA BREACH WILL CHANGE PAYMENTS. The Target data breach, which we covered in recent newsletters, may have affected as many as 110 million consumers. The breach was so big that it has legislators calling for clarification on the reporting responsibilities of payments companies when a breach occurs. So, the big question is how this security collapse is going to change the non-cash payments system.
Here are four opinions from industry experts: 
1. The media and legislators will lose interest in the story and nothing will happen. "If nothing happens for another six months or a year, they will forget about Target," says Gary Olson, president and CEO of ESSA Bank in Stroudsburg, Pennsylvania. 
2. Increased information sharing among payments companies will lead to better security. One way to reduce breaches is for companies to share information on how hacks happened. This helps every organization strengthen security weaknesses and prevent future attacks. Bill Nelson, president and CEO of the Financial Services Information Sharing and Analysis Center, says that information sharing is already quite prevalent as a means for preventing breaches, "... sharing of information has prevented a lot of fraud and massive attacks that a lot of people don't know about."
3. The breach will lead to adoption of end-to-end encryption systems. The problem with the legacy system is that encryption is point-to-point, argues Gartner Vice President Avivah Litan. While upgrading magnetic stripes to EMV cards or "chip cards" could reduce the chances of card fraud, it doesn't get at the crux of the problem. "The point-to-point encryption systems the processors are selling are not good enough because they don't go all the way to the issuer," says Litan. There are many players in every card transaction, as we covered in a <a href="https://intelligence.businessinsider.com/how-tech-and-mobile-centric-players-are-transforming-the-credit-card-processing-industry-2014-1" target="_blank">recent report</a>, and each interaction between them presents a potential entry point for fraudulent activity.
4. Bitcoin could be the answer. In terms of security, Bitcoin is pretty sound. "[Bitcoin] has the best encryption ever," says Litan. So if security was the only variable in question we might see a switch over right away. On the other hand, Litan also notes that while Bitcoin is secure, it isn't very stable in terms of storing the value of transactions. (<a href="http://www.americanbanker.com/issues/179_10/is-the-target-breach-a-tipping-point-for-card-security-1064904-1.html" target="_blank">American Banker</a>)
ONE OF AMERICA'S LARGEST NEWSPAPERS IS TESTING A BITCOIN PAYWALL. On February 1st, The Chicago Sun-Times will prompt site visitors to donate to The Taproot Foundation in order to read content on its website. Donors will be able to make donations using Bitcoin. Similar announcements regarding acceptance of Bitcoin from Zynga and Overstock.com provide evidence that we will see more mainstream companies adopting Bitcoin as a method of payment. The Taproot Foundation is a nonprofit which helps professionals find pro bono work opportunities at other nonprofits. (<a href="http://www.businessinsider.com/chicago-sun-times-bitcoin-paywall-2014-1" target="_blank">Business Insider</a>) 
INGENICO SUBSIDIARY LAUNCHES NEW SOFTWARE AND APPS. Ingenico, one of the largest legacy point-of-sale providers, owns a majority stake in ROAM, which sells software to support mobile commerce and payments for merchants. ROAM's latest development, ROAMmcm 5, is a mobile point-of-sale engine aimed at large enterprises. In a nutshell, ROAMmcm 5 allows companies to have a centralized platform for receiving and processing data from all of their mobile points of sale. The idea is to take the concept of mobile payments from a fragmented set of small and medium-sized merchants to huge organizations. (<a href="http://www.ingenico.com/en/media-centre/press-releases/20140113-roam-launches-its-new-mobile-commerce-platform-enabling-mpos-management-for-businesses/" target="_blank">Ingenico</a>)
WELLS FARGO GETS ACQUAINTED WITH BITCOIN. Representatives from America's fourth largest bank met with Bitcoin experts in San Francisco yesterday to get a better feel for the digital currency and its implications for the legacy payments system. No further details about the bank's position on the digital currency were disclosed, but it will be interesting to see how retail banks respond to Bitcoin, which has the potential to offer consumers many of the advantages of a bank account without actually working with a bank. (<a href="http://www.americanbanker.com/issues/179_10/wells-fargo-meets-with-bitcoin-experts-to-learn-more-1064928-1.html" target="_blank">America Banker</a>)
WELCOME TO PAYMENTS INSIGHTS. We hope you are enjoying this newsletter. Don't forget to <a href="http://e.businessinsider.com/join/biipaymentsform" target="_blank">sign up</a> and get it every morning in your inbox. Please email <a href="mailto:johnh@businessinsider.com">johnh@businessinsider.com</a> or BI Intelligence director <a href="mailto:mballve@businessinsider.com" target="_blank">mballve@businessinsider.com</a> with news and tips.
SHOPKEEP AND GRIFFIN TECHNOLOGY TEAM-UP TO OFFER A MOBILE POINT OF SALE. ShopKeep provides cloud-based point-of-sale solutions and Griffin Technology builds accessories for tech products including mobile devices. The companies are still developing a mobile point-of-sale device, but when it is finished it will provide merchants with a way to accept card payments. In addition, merchants will be able to track customer purchases and gain insights into consumer behavior that may help them sell more products. We recently reported on <a href="http://www.businessinsider.com/fortumos-payelp-deal-mastercard-in-turkey-squares-new-case-2014-1" target="_blank">Griffin's partnership with Square</a> to offer a protective case for merchants' smartphones using Square's mobile card reader. (<a href="http://www.shopkeep.com/blog/2014/01/13/shopkeep-and-griffin-announce-mobile-pos-for-small-businesses" target="_blank">ShopKeep</a>)
SAP HAS A NEW MOBILE PAYMENTS SOLUTION. At the National Retail Federations' trade show, the German multinational software company SAP announced a new app, the SAP Shopper Experience. The mobile retail app provides consumers with a way to access retailer loyalty programs, self-service payments, and social sharing. So, it looks like the app falls into the mobile wallet category. The features of the app can also be customized according to merchants' needs. (<a href="http://www.mobilepaymentstoday.com/article/226113/SAP-rolls-out-personalized-mobile-retail-app" target="_blank">Mobile Payments Today</a>) 
Here's what else BI Intelligence subscribers are reading...
<a href="https://intelligence.businessinsider.com/people-in-emerging-markets-trust-virtual-currency-2014-1">People In Emerging Markets Trust Virtual Currency</a>
<a href="https://intelligence.businessinsider.com/paypals-plans-for-2014-2014-1">PayPal's Plans For 2014</a>
<a href="https://intelligence.businessinsider.com/pinterest-in-europe-2014-1">Pinterest Is Not Very Popular In Europe</a>
<a href="https://intelligence.businessinsider.com/more-than-one-in-five-cellphone-owners-use-video-chat-on-their-phones-2014-1">Mobile Video Chat Adoption Triples In US, As Services Proliferate</a>

You Searched For "bitcoin taproot" and got 9 results

Bitcoin is set to get an upgrade after four years — it promises more privacy and better smart contracts

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