Ethereum: How to make a taproot transaction with bitcoin-cli?

Create a troot transaction with Bitcoin-Cli on testnet

In the world of blockchain development, Taproot is an important function that enables more efficient and private transactions. Here you will find a step-by-step instructions on how to carry out a Taproot transaction with Bitcoin-Cli on testnet.

What is Taproot?

Taproot is a new protocol in the Bitcoin core, which aims to increase the transaction speeds and reduce the number of necessary transactions per block. This is done by using a clear address format called Taproot addresses that are more resistant to censorship and are easier to manage.

Requirements:

• Make sure you have installed Bitcoin Cli on your local computer.

• Let a TestNet node set up on your computer (more on how to do this below).

3 .. familiarize yourself with the Bitcoin Cli command line interface.

Step-by-step instructions:

Here you will find a simple step-by-step example for a Taproot transaction with Bitcoin-Cli on the testnet:

• Create a new block

  

  : Before we can carry out a Taproot transaction, we have to create a new block.

`Bash

Bitcoin -Coin Createblock -Target = 0 1000000

This command creates a new block with an initial amount of 10,000 units (or 1 Satoshis) and a target stamp of one year.

• Create a troot transaction : Now that we have created a new block, we create a troot transaction.

`Bash

Bitcoin -Coin tx -Target = 0 4F6A1D ... -Private -Key =

This command creates a new Taproot transaction with the “MYSEED” as the sender and the block -Hash of our newly created block (with the part “4F6A1D …” is replaced by your actual block data).

The “-Private-Key = ” option is given the private key for our Taproot transaction.

• Sign the transaction : Now that we have a new Taproot transaction, we sign it with our private key.

`Bash

Bitcoin -cli tx -target = 0 4f6a1d ... -Private -Key = -Sign

This command signs the transaction with our private key and outputs the signature.

Example:

To make it easier to take part, we create a new Testnet node and use it as a “MYSEED” for this example. Here are the steps:

• Create a new testnet node with Bitcoin-Cli:

`Bash

Bitcoin -Coin Createblock -Target = 0 1000000

Replace with your actual seed phrase.

• Sign the Block -Hash with the “Myseeds” as the sender and the block -Hash of our newly created block (with which part 4f6a1d ..." Part is replaced by your actual block data):

Bash

Bitcoin -Coin -cli Tx -Target = 0 4F6A1D ... -Sign

This output a new Taproot transaction.

Tips and variations:

• Make sure that you replace with your actual seed phrase when creating the Testnet node.

• You can also use the “Private Key” option to specify your private key if you have one.

• Use a transaction without specifying a private key, `Bitcoin -Coin -cli tx -Target = 0 -Signal.

• If you have problems signing the transaction, make sure that your private key is in the right format and that your node configuration has updated so that you lock the TestNet node.

If you take these steps, you should be able to create a new Taproot transaction with Bitcoin-Cli on testnet. Remember to update your node configuration as we have already mentioned. Happy coding!

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