Bitcoin Taproot locked in to improve privacy and introduce smart contracts
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....
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Our exploration of the new superpowers Taproot gives to Bitcoin continues. Yesterday, we defined smart contracts and covered the functionality of the Taproot-enabled ones. To summarize, Taproot gives new characteristics to Bitcoin layer one that enable smart contract expressiveness in layer two solutions. Today, the topic is privacy. What happens on the blockchain stays there […]
This upgrade focuses on the expansion of the Bitcoin network’s smart contract capabilities and improves privacy on the network. Bitcoin is set to undergo a major network upgrade, Taproot, in nearly two days, i.e., on Nov. 14 or 255 blocks later, as per data from Taproot.watch. This is the first significant upgrade since the Segregated Witness (SegWit), which eventually culminated in the development and launch of the Lightning Network in 2018. The original Taproot proposal was made by Bitcoin core contributor and former Blockstream chief training officer Gregory Maxwell on Jan 23,....
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....
By the time you read this, Bitcoin’s Taproot soft fork will be approved. The tendency is irreversible. The technical aspects are too complicated for most people, but we’ll do our best to explain them. What you actually need to know is this: the modifications will improve the Bitcoin network’s performance, bring a little more privacy, […]
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....