There has been a rare consensus by investors and a big deal for the world’s largest cryptocurrency. Then it released the biggest update for Bitcoin in the last four years. This situation reflected positively on the stock market. The all-time high of $68k has been exceeded.
Bitcoin has reached an all-time high!
Bitcoin continues to rise. The popular cryptocurrency broke another historical record, leaving behind the $ 68 thousand band.
What does the Taproot update for Bitcoin mean?
Bitcoin has received its biggest update in recent years, called Taproot, to improve user data, transaction security and efficiency. It is also expected to unlock the potential of smart contracts that can be used to remove intermediaries from transactions.
bitcoin focused venture firm stillmarkfounder and partner of Alyse Killeen in a statement he said “taproot important, because bitcoinoffers ample opportunity for entrepreneurs interested in expanding the utility of” said.
Investors last seen in 2017. bitcoinDuring the rise of . However, this new update had the opposite effect and united users. Moreover, thanks to the improvements made on the code universal support was also owned.
New era for bitcoin
of bitcoin A large part of its renewal is what users leave behind at the end of each transaction. finger print like with digital signatures became relevant. “After the update, the cryptocurrency can only be spent by the rightful owner”Elliptic Curve Digital Signature AlgorithmA feature named ” has been introduced.
bitcoin miner To Alejandro De La Torre according to taproot, Schnorr It will bring with it a feature known as signatures, which makes multi-signature transactions unreadable. For example, it will make simple transactions indistinguishable from more complex and multi-signature transactions.
In practice, this will mean more privacy. A company that provides institutional treasury participation in crypto markets. Meow’s manager and cryptocurrency mining engineer Brandon Arvanaghi in his statement, “You can hide who you are a little better, that’s for the better sign” said.
Smart contract era
These empowered signatures are considered the next step for smart contracts, also known as self-executing agreements, that reside on the blockchain. In theory, you’ll be able to use this feature for almost any transaction, whether it’s paying your rent or registering your car every month.
Currently, both Bitcoin’s core protocol enabling instant transactions at both the tier and bitcoin a payment platform built on Lightning NetworkYou can create smart contracts in . Contracts created through this company generally allow for fast and less costly transactions.
taproot which makes smart contracts cheaper and smaller in terms of the footprint they occupy on the blockchain. KilleenHe made the following statement on the subject:
It has mind-blowing potential. Lightning transactions can be less than a penny, while a bitcoin transaction at the core protocol layer can be much more expensive than that.
Cryptocurrency mining specialist Marathon Digital Holdings CEO‘That fred Thiel, taproot said about it:
The most important thing for Taproot is smart contracts. It is already the primary driver of innovation in the ethereum network. Smart contracts actually give you the opportunity to actually build applications and jobs on the blockchain.
Why wait when everyone is willing?
bitcoin community, update June although the presentation itself NovemberIt didn’t happen until. The reason for this few months delay was to allow ample time for testing and to reduce the chance of something going wrong during the upgrade.
Quantum economics analyst Jason Deane “The upgrades allow the extremely remote possibility of a bug entering the system, which will destroy trust in the entire cryptocurrency system.” said. He also added, “It will also effectively erase this self-inflicted wound if you wish.”
Deanesays that’s why upgrade processes are so carefully tested, retested, and reviewed over very long periods of time. Castle Island Ventures co-founder Nick Carter, CNBC’In a statement to , he said:
You don’t want different clients or miners to be out of sync on the protocol. Terrible things happen like that. We have extremely long lead times as we don’t want a repeat of 2013.
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