Taproot, which is of great importance for the leading cryptocurrency Bitcoin (BTC), is finally active.
After the meeting and the decision taken, the Taproot update, which is planned to be activated when 706,632 blocks are excavated, will reach the expected date very soon. The update, which will replace the ECDSA signature type with the Schnorr signature type, will not only increase confidentiality but also bring other benefits.
Schnorr Signature Model Coming
The change of the ECDSA signature model and Schnorr With the arrival of the signatures, there may be a significant change in the number of transactions in the network. This will bring scalability and subsequently lower transaction fees.
Of course, one of the advantages of this is that there will be increased security due to the changing signature model.
The Bitcoin community has been waiting for this update for a long time, and it is expected. The talks, which previously started in January 2020, were finally settled with a Bitcoin Core meeting held in late 2020.
The Taproot offer was made by Gregory Maxwell. Maxwell is one of the developers considering how to move to a smart contract-based transaction system for Bitcoin, and he thinks it is an important path.
Along with Taproot, individual signatures in the Bitcoin network will also become history and Schnorr signatures will now be passed. With people starting to use BTC in their active lives, the importance of this update seems to have emerged once again.