A revolution at the heart of Bitcoin – Initiated on May 1, 2021, the Bitcoin Taproot (BTC) update was finally validated by enough miners (90%) on June 12, to be permanently locked and scheduled. The delay before the implementation of Taproot is now coming to an end, since it should occur as of November 14, 2021.
Taproot, the first major update since SegWit
It had been since August 2017 and the improvement of Segregated Witness, Where SegWit, than Bitcoin had not experienced such a significant change in its network. But if at the time it had caused a schism within the community – who had trained the hard fork of Bitcoin Cash (BCH) – this update is not at all controversial.
Indeed, to be put in place, Taproot a necessity the agreement of 90% of minors Bitcoin Proof of Work (PoW) consensus participants. Each of them had to send a ” Bit Signal “, symbolized by a small green pixel, when it validated a block of transactions, to signal their agreement.
The Taproot soft fork will become fully operational up to the block No. 709 632 of Bitcoin, which should be validated during this Sunday November 14 2021. The countdown, block by block, can in particular be followed on the site taproot.watch from the Bitcoin developer Hampus Sjöberg (this left 608 blocks of about 10 minutes each, as of this writing).
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More anonymous transactions, and smart contracts on Bitcoin
Even if the technical improvements brought by Taproot would be a bit complex to detail here in a few lines, you should know that they will bring very concrete changes to Bitcoin’s blockchain network.
Among them is the principle of merkle trees (or hash tree). Under the acronym of MAST, the Merkelized Abstract Syntax Trees will notably allow to significantly improve confidentiality Bitcoin transactions.
It is somewhat the same for the principle of Schnorr signatures which, in short, is a algorithm which will allow users to group several signatures in one for a single transaction. This will thus reduce the visible difference between ordinary transactions and transactions. multisig (with several signatures), making the latter more discreet.
Taproot will also allow further use of the famous smart contracts (smart contracts) on Bitcoin. The update will greatly facilitate the development of contracts complex, like those of the decentralized finance (DeFi) popularized by the network Ethereum (ETH)
In summary, with its Taproot soft fork, the Bitcoin blockchain will be greatly optimized for its users, bringing them a whole range of new possibilities. If you want to know more about these technical improvements of the BTC network, do not hesitate to consult the guide on Taproot that we have written for you here.
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