A long-anticipated Taproot upgrade for Bitcoin will be expected to take effect in the next few days. Many sources indicate that the change will be completed on Saturday.
Taproot is an update to increase the scripting capabilities of bitcoin. Because of this, it can be used by rival blockchains like Ethereum and Litecoin, which already have programmable smart contracts.
The taproot will also bring MAST (Merkelized Abstract Syntax Tree), making monitoring and analyzing transactions more challenging. It does this by making complicated transactions, including multi-sig transactions or Lightning Network transactions – indistinguishable from the actual transactions.
Additionally, the update will incorporate Schnorr signatures that will result in smaller transaction sizes through information aggregation.
This means developers will be able to create more efficient applications, and the end-users can benefit from less expensive, more private transactions.
Taproot is the most significant version of the Bitcoin network since 2017, when the cryptocurrency was introduced with an unpopular feature known as SegWit. It is essential to update Taproot is linked to a lower likelihood of creating divisions.
Taproot has already received miners’ trust earlier in the week; it must extract 800 blocks in those conditions before the function can be fully enabled.
NiceHash’s countdown shows that the update is scheduled to take place at 12:30 UTC on Saturday, on November 14. Another website, Taproot.watch,agrees in this regard. According to her, as of this point just 228 blocks are left to be removed.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.