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Bitcoin network to undergo its first major upgrade in four years

  • The Bitcoin network is set to undergo the first major upgrade in four years
  • The taproot activation seeks to make multi-signature transactions cheaper, easier, and more private
  • Bitcoin remains the leading cryptocurrency by market cap

Bitcoin is the leading cryptocurrency and is managed by a community of developers from all parts of the world. However, the network hasn’t seen a major upgrade in four years. That said, it is about to get one soon.

Bitcoin Taproot activation has started

Bitcoin’s Taproot upgrade is set to take place as the developers have begun a speedy trial already. The upgrade is expected to make Bitcoin multi-signature transactions cheaper, easier and more private.

Alex Saunders announced the launch of this update on Twitter. He highlighted that this is the first major upgrade on the network in four years. In view of this, people can see the progress of the Taproot softfork here.

At the moment, only 25 signaling blocks have been activated, with a further 1783 blocks to go. Miners who intend to adopt the upgrade can do so by signaling their support. They can do this by including special data in the blocks they mine termed a “signal bit.”

In the end, if 90% of the blocks mined during this difficulty period have the Taproot signal bit, the upgrade will be locked-in for activation set for November. Hence, if everything goes according to plan, Taproot activation on the Bitcoin network will be live before the end of the year.

However, if the network fails to achieve the 90% threshold before the time elapses, the upgrade will fail. In this case, the developers will need to seek other options.

Miners pledge support for Taproot update

The Taproot activation could be a success as miners have pledged support for the upgrade. In effect, Poolin VP Alejandro De La Torre conducted a poll survey to determine the Taproot support amongst miners. He found that most of them are on board.

De La Torre stated that he is confident the upgrade will happen. In addition, he hasn’t heard any complaints from miners so far.

Bitcoin has maintained its position as the leading cryptocurrency since it was launched over a decade ago. It set a new all-time high close to $65k a few weeks ago, rising by over 100% since the start of the year. Although it dropped below the $50k mark last month, it has been on the rise and is closing in on $60k again.

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