For the first time in about four years, Bitcoin has had an upgrade. Meanwhile, newcomer HUH Token has promised to lock in $1 million worth of liquidity for two years in an attempt to increase stability and encourage investment. With more and more people trying to become crypto millionaires, HUH Token hopes to be a worthy challenger to the likes of Shiba Inu and Dogecoin.
Bitcoin’s new update called “Taproot” improves transaction privacy and efficiency – and, more importantly, it enables smart contracts to get rid of the need for middlemen in transactions.
Unlike bitcoin’s contentious 2017 upgrade, dubbed the crypto civil war, due to the ideological divide between two separate sects inside Bitcoin, the new Taproot has near-universal support, in part because these changes involve relatively minor code improvements.
A significant portion of bitcoin’s new transformation involves digital signatures, which act as a digital fingerprint for each transaction.
At the moment, Bitcoin using an algorithm known as the “Elliptic Curve Digital Signature Algorithm,” which uses the private key (that controls a bitcoin wallet to ensure the coin can only be spent by its rightful owner) and uses it to generate a signature.
Taproot will add something called “Schnorr” signatures, which effectively renders multi-signature transactions unreadable.
This will not result in increased anonymity for your private bitcoin address on the public blockchain, but it will render simple transactions indistinguishable from those that are more complex and involve multiple signatures. In practice, this means increased privacy, as your keys will be exposed less on the chain.
Additionally, these enhanced signatures are a game-changer for smart contracts, which are self-executing contracts that reside on the blockchain. This means smart contracts could theoretically be used for virtually any type of transaction, from monthly rent payments to vehicle registration.
Taproot makes smart contracts more affordable and compact in terms of the amount of space they consume on the blockchain. Transaction speeds and costs have been a huge barrier for retailers trying to use Bitcoin in recent years.
Currently, Bitcoins’ Lightning Network and core protocol layer are where smart contracts can be created. Typically, smart contracts executed on the Lightning Network result in faster and less expensive transactions.
Although the bitcoin community agreed in June to secure the upgrade, the rollout did not occur until November. The couple-month delay was chosen to allow sufficient time for testing and to minimize the possibility of something going wrong during the upgrade. Numerous members of the community also recall the disastrous 2013 migration, during which a botched upgrade resulted in bitcoin temporarily splitting in half.
HUH Token, a new cryptocurrency, has stated that it will lock in $1 million in liquidity when it debuts on December 6th. The tempting new cryptocurrency will be launched on popular marketplaces PancakeSwap and Uniswap, with $500,000 of liquidity locked up for two years on each exchange.
The announcement will surely boost confidence and urge token holders to consider long term holding of this token. To amplify this enthusiasm, HUH Token is launching a referral programme. Holders who suggest others using a special code will get 10% of the new investor’s first investment in Binance coin (BNB) or Ethereum (ETH). This extra income type depends on which kind of exchange is used. This ticket may be used indefinitely, which means that holders can continue to earn BNB or ETH with each new referral.
HUH Token is about to end it’s pre-sale, and its founders are hell-bent on replicating Shiba Inu’s significant growth and success by delivering a really unique and plainly well-backed multi-chain, smart-contract cryptocurrency. This is critical because it allows coin holders to not only create passive income but also enhance wallet stability by diversifying their holdings across many digital currencies. HUH Token also accumulates in the wallet over time. Thus, the longer you retain, the more tokens you get.
Shellboxs and Solidity Finance have also audited this currency, with the Certik audit likely to be finished by the end of this week.
The white paper for HUH Token is set to be issued this week, which will help to cement its goals and use. The publication of the HUH Token whitepaper will be the next significant event from this cryptocurrency in the next week. This will assist in solidifying their ethos and showing the path they are taking.
Story by Micky jack