Long-anticipated Bitcoin Update Taproot is Ready to be Implemented

1:34 pm, Mon, 3 May 21

The most ambitious update of Bitcoin, Taproot, is ready to run and now awaits the assent of the miners for its implementation. The implementation of Taproot before the next difficulty adjustment can make Bitcoin more scalable and private.

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What to Know About the Taproot Update?

Taproot is a Bitcoin soft fork that incorporates Schnorr cryptographic signatures. This is an alternative signature to ECDSA, which is currently implemented on the Bitcoin network. The Taproot update has been in development for several years and is now ready to run.

The Taproot upgrade allows the creation of a master key, which can summarize a set of signatures into a single one. With the help of the update, performing multi-signature multi-input transactions on the Bitcoin network will become easier, inexpensive and more efficient.

Implementing the Taproot upgrade will pave the way for obscuring the identity of the users and concealing the number of participants who are involved in the Bitcoin transaction, making the network more private.

Taproot has been a highly-anticipated Bitcoin upgrade, which will also reduce the load on the Bitcoin network. The lightening of the network will reduce the transaction space by almost 20% and increase the capacity of transactions per second. The transaction fee is also expected to reduce in comparison to other exchanges in the market, considering the Taproot upgrade is implemented.

Implementation of the Taproot Upgrade

The above-mentioned benefits can be a result of implementing the Taproot update, which will also direct more traffic and interested parties towards the Bitcoin network. However, in order to implement the upgrade, Taproot must pass the Speedy Trial, which has begun according to reports.

Once implemented, the Taproot upgrade is expected to significantly contribute to the growth and expansion of the Bitcoin network.

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