For Song, Taproot offers new methods of securing and recovering bitcoins.
Song comments that users will be able to create ways to inherit their BTC after death with Taproot.
The renowned programmer Jimmy Song has recently spoken about the advantages that Taproot brings to Bitcoin, and how users will have new funds recovery systems, once this new protocol update is massively adopted.
In an article published on his blog on November 22, Jimmy comments on a post by Jameson Lopp, who talks about the threats at the time of securing bitcoins which have been in “accidental loss, digital theft, government seizure , physical theft and estate planning. According to Song himself, After updating one of his programming libraries, it occurred to him that Taproot solves all these problems.
Accidental losses can be due to bad backups. A recovery seed is sometimes the only backup that users have, of course, in a self-custody portfolio. For Song, Taproot brings a solution.
The Taproot Scriptspends
Taproot allows you to define slightly more complex scripts or instructions, known as scriptspends, whose practical translation would be “spending instructions.” These allow defining in multi-signature addresses, for example, that funds are sent with 2 out of 5 signatures. Of these, the user will be able to keep two for shipments, and send backup signatures to their friends. They will not even know what they are signing, or even how much funds are in the management, this according to Song himself.
In this sense, Song details that time locks can also play in favor of recovering funds. Like waiting a month for the funds to be released if the transaction is signed with 3 out of 3, or 6 months with 2 out of 3, or a year with 1 out of 3. All this opens up an almanac of possibilities when it comes to securing bitcoins.
Digital theft, or hacks, is another cause that threatens bitcoin holders. Like the previous case, the scriptspendes they could play a fundamental role. In this case, Jimmy hopes that with the adoption of Taproot in the different wallets, begin to offer different methods of safeguarding and recovering funds.
Inherit your bitcoins, Taproot makes it possible
Securing the transfer of bitcoins in the event of death can be a problem. However, Taproot makes the task easier when creating a transfer system post mortem. As with the previous examples, the block time instructions that Taproot will start offering will make this task completely easy as it does not require complicated programming scripts.
Song points out that “The details of Taproot are not yet fully understood by the community” this is because, the first uses that users begin to give this technology is by sending and receiving bitcoins to Taproot addresses in their wallets, as is the case from Ledger who recently added support to this soft fork, as reported by CriptoNoticias.
With greater adoption, wallets will begin to allow users to use more advanced features thanks to Taproot, among which, according to Song, are new models of tools for the recovery of bitcoins.