Bitcoin Taproot upgrade just a day away, an insight into the situation
Bitcoin, the world's biggest cryptocurrency, will undergo a major upgrade soon. The Taproot upgrade will turn things around for BTC and investors as well. BTC will undergo this upgrade on the 709,632nd block, on Saturday, as per the latest data.
First Bitcoin upgrade since 2017
The first Bitcoin upgrade took place in the year 2017, which installed the Segregated Witness (SegWit) upgrade on the Network, eventually leading to the launch of the Lightning Network in the year 2018. The Taproot proposal was originally proposed by BTC core contributor and former Blockstream chief training officer Gregory Maxwell on Jan 23, 2018.The SegWit upgrade was aimed to improve the scalability of the Bitcoin network, while the Taproot upgrade is aimed to improve the efficiency of the transactions and privacy of the Network. Another goal is to enhance the Network's capability to support smart contract projects.
The upgrade was confirmed on June 12 by developer Hampus Sjöberg on Twitter. Sjöberg is the developer behind the Taproot website, enabling users to track the update on the Taproot upgrade. The entire Twitter has been buzzing as a bullish sentiment surrounds this upgrade.
A prominent Bitcoin entrepreneur and supporter, Matt Odell, took to Twitter to comment on the reason for the bullish sentiment surrounding the upgrade.
"The addition of Taproot to bitcoin will bring additional privacy to bitcoin users but is not a magic bullet. Improvements enabled by it will take time to see in practice, and we still need additional upgrades if we want robust privacy guarantees for the majority of bitcoin users," said Odell.
Integration of new tech
The Taproot upgrade will also bring in the Merkelized Abstract Syntax Tree (MAST), which replaces the current pay to script hash (P2SH). The P2Sh puts a heavy load on the Network and also affects the privacy of transactions by displaying unnecessary information. On the other hand, the MAST only shows what's needed.Furthermore, the Schnorr Signature implementation will allow users to aggregate multisignatures into one for a single transaction. This will enhance the efficiency of the Lightning Network as well.
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