P2TR
A SegWit v1 output type introduced with Taproot that commits to a public key and optional script tree.
P2TR (Pay-to-Taproot) is an output type that pays to a Schnorr public key, with the option to spend either via a key path (single signature) or a script path (revealing one branch of a Merkleized script tree).
- Improves privacy by making simple and complex spends look alike until revealed
- Enables more efficient multisig and complex policies
- Slightly smaller signatures with Schnorr compared to ECDSA
Related Terms
Taproot
→A Bitcoin upgrade that enables more private and efficient spending using Schnorr signatures and script path commitments.
Schnorr Signatures
→A digital signature algorithm that optimizes transaction size, enhances privacy, and resolves malleability issues.
Witness
→In SegWit, the witness holds signatures and related data outside the traditional transaction structure.
SegWit
→A protocol upgrade that separates transaction data into two segments, mitigating transaction malleability and increasing block capacity.
All terms and definitions may update as the Cryptionary improves.
