We are nearing the end of the highly anticipated Taproot update on Bitcoin. According to Nicehash.com data, there are 5 days and 3 hours left for this soft fork in Bitcoin to arrive on the network.
What is Taproot Update?
First proposed by Bitcoin Core developer Greg Maxwell in 2018, the update was added to the code library by Pieter Wuille in October 2020.
The update is expected to provide Bitcoin with advantages in scaling, privacy and security.
It is stated that the update in question is the most important and expected update after the SegWit update in 2017.
After Taproot, smart contract flexibility in Bitcoin is expected to expand.
After the update, the Schnorr multi-signature method developed by the German mathematician and cryptographer Claus Schnorr will be integrated into Bitcoin.
This signature option will allow users to hide their identity in Bitcoin transfers.
Transaction fees in Bitcoin are also expected to decrease after Taproot.
Since the number of transactions included in the blocks will increase after the update, the number of transactions that are approved within 10 minutes will also increase.
As the countdown for the Taproot update has begun, Bitcoin has had a good start to the week. BTC, which rose to $ 66400 levels during the day, continues to be traded at $ 65400 as of our news hour.
*Not Investment Advice.