The Bitcoin protocol is about to undergo the Taproot upgrade, a soft fork aimed at improving the privacy, efficiency, and smart contract capabilities of the network. For this reason, attention should be paid to November 14, which will be the publication date. Here are the details…
Bitcoin Taproot upgrade
Taproot is Bitcoin’s first major upgrade since August 2017, which saw the birth of Segregated Witness (SegWit), leading to the launch of the Lightning Network. The 2017 fork was primarily aimed at facilitating easier transaction processing and improving Bitcoin’s network scalability. Taproot upgrade will be released after reaching 90% consensus among Bitcoin miners (mining nodes). Here’s a June 2021 tweet from Bitcoin developer Hampus Sjöberg:
What will Taproot bring?
The Taproot soft fork will see the birth of the Merkelized Abstract Syntax Tree (MAST), which will allow the sender and receiver to sign together on a payment transaction. Additionally, the new upgrade will also implement Schnorr Signature, an algorithm that allows users to aggregate multiple signatures into a single signature for a single transaction, reducing the inherent difference between traditional and multi-signature transactions.
Schnorr’s signature scheme can also be used to verifiably exchange a user’s private and public keys to verify the legitimacy of each transaction. The original Taproot proposal from January 2018, laid out by Gregory Maxwell, highlights:
I believe this structure will allow for the greatest possible anonymity by making it seem like the simplest possible payments for fixed-party smart contracts. It does this without any overhead in the general case, using any sketchy or impractical techniques, requiring no extra rounds of interaction between contract participants, and no permanent storage of other data.
Eyes on Bitcoin on November 14
cryptocoin.com According to the data we have received, Taproot.Watch, a website created by Sjöberg, indicates that the Taproot upgrade will be activated on November 14 after successfully pressing 1020 blocks. Just last month, the daily swap value of the Bitcoin network reached ATH after paying $31 billion in on-chain transactions. Compared to early 2020, the network’s daily payment volume has increased 40x, supported by the widespread adoption of Bitcoin in El Salvador and other jurisdictions.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. Therefore, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.