How Bitcoin’s Taproot Upgrade Will Improve Technology Across Bitcoin’s Softwa...
Scaling, privacy and custody software will all benefit from Bitcoin’s biggest upgrade in years.
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The Taproot upgrade was set for deployment after achieving a 90% consensus among the Bitcoin miners (mining nodes). Real-world use cases are one of the main adoption drivers for every crypto ecosystem, which also holds true for the Bitcoin (BTC) network. In the next seven days, the Bitcoin protocol will undergo a soft fork in the name of Taproot upgrade, which aims to improve the network’s privacy, efficiency and smart contracts capability. Taproot is Bitcoin’s first major upgrade since August 2017, which saw the introduction of Segregated Witness (SegWit) and resulted in the launch of....
The upcoming Taproot activation stands to potentially make the Bitcoin ecosystem more user-friendly as well as secure. While a vast majority of crypto enthusiasts around the globe seem to be gushing about Ether (ETH) at the moment and how its upcoming London hard fork stands to push the premier altcoin’s value even higher, reports have recently surfaced that suggest Bitcoin’s much-awaited Taproot upgrade will go live also sometime by the end of this year.In this regard, many Bitcoin (BTC) mining pools seem to already be signaling their support for the activation and as per data available....
Binance Pool represents 11% of Bitcoin’s mining hashrate. Adding it to the “yes” column pushes mining pool support for Taproot to about 91%.
The Bitcoin Taproot upgrade will activate later in 2021 as developers urge to create applications that will leverage its advantages. On June 12, Bitcoin (BTC) mining pool Slush Pool mined block 687,285 with the transaction including a Taproot upgrade activation signal. That particular block was the 1,816th to include a signal for Taproot activation by a BTC miner within the difficulty epoch that lasted from May 30 to June 13.With 2,016 blocks created every difficulty period, crossing 1,816 blocks with a Taproot activation signal satisfied the 90% signaling threshold required to lock in the....
Taproot soft fork introduces the concept of Merkelized Abstract Syntax Tree (MAST) to improve the scripting capabilities and privacy of the Bitcoin network. The Bitcoin (BTC) network successfully activated the Taproot soft fork following a 90% lock-in consensus from miners and mining pools between blocks 709,488 and 709,632. The milestone signifies the first major upgrade for Bitcoin since August 2017, which saw the launch of Bitcoin’s leading layer-two solution, the Lightning Network and Segregated Witness (SegWit).The Taproot upgrade aims to improve the scripting capabilities and privacy....