Bitcoin can be more private and more scalable if Bitcoin (BTC) miners agree to implement Taproot before the next difficulty set.
The Bitcoin network is making history today. After several improvements, the long-awaited Taproot update is ready to go, and now it’s up to the community to decide whether or not to participate in its implementation.
What is Taproot and why Bitcoin matters
Taproot is a Bitcoin soft fork that integrates Schnorr cryptographic signatures, an alternative signature method to the ECDSA currently implemented on the network. This update allows, in very simple terms, the generation of a type of master key to digest a set of signatures in a single signature. In this way, it becomes more efficient, cheaper and easier to perform multi-signature multiple-entry transactions (UTXI) on Bitcoin.
This practice hides the number of participants involved in a Bitcoin transaction, opening the door to a variety of ways to hide identity. Another benefit of Taproot is that it eases the load on the network. Reducing the processing area by at least 20%. This leads to an increase in transaction processing capacity per second and a significant reduction in the number of charges. In addition, many expect the Taproot app to lead to even greater adoption of the network to enable the ultimate development of smart contracts.
In other words, an important step will be taken towards a more scalable, private Bitcoin.
The future of Bitcoin is in the hands of the community
The proposal must pass a major test to implement the network. Miners should update their nodes accordingly, and if they agree, report their approval for Taproot.
The voting period started with the latest network difficulty adjustment and will last until the next update, 2016 blocks. At that time, if more than 90% of the mining blocks gave approval to Taproot; The soft fork will be applied to the network in November of this year.
The first block to give the confirmation signal for the Taproot was the 681458 block produced by SlushPool on May 2, 2021 at 06:24.
Currently, there are 1682 blocks left. If the goal is not reached, the next difficulty setting will be waited.
Taproot. The development of this event can be followed on the site named watch.
This signaling event has already sparked excitement in the community, especially considering that F2Pool, the second strongest pool in the Bitcoin network, was the first to issue a block showing its readiness for Taproot.
Excited Bitcoin enthusiasts include Twitter creator Jack Dorsey, Andreas Antonopoulos and Charlie Shem, who say they will update their nodes as soon as possible.