Scalability comes to Bitcoin as Taproot upgrade goes live |

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With Taproot, Bitcoin is finally ready to scale. After over a year of community discussions and testing, the bitcoin mining network has been upgraded in an effort to make transactions faster and more efficient. The system will allow for more users on the blockchain without compromising security or decentralization.,

The “bitcoin taproot upgrade countdown” is a new feature of Bitcoin that will make the cryptocurrency more scalable. The Taproot update went live on block 494,784.

Scalability comes to Bitcoin as Taproot upgrade goes live |

After years of waiting for an update to Taproot, the top digital asset’s network, an upgrade that would concentrate on making Bitcoin more private while also strengthening its security has finally arrived.

When F2Pool mined block 709,632 on the BTC blockchain network, the update was enabled.

Why is the Taproot update so important?

In its most basic form, the Taproot update aims to make Bitcoin more secure and scalable.

It’s an update that will see the incorporation of Schnorr cryptographic signatures, which is the polar opposite of the network’s present ECSDA process. Schnorr signatures, according to Hackernoon, tackle the issues of security, efficiency, and privacy better than the present blockchain signature.

Taproot combines many signatures into a single signature, making multi-signature transactions more effective and efficient. As Schnorr signatures have the extra virtue of being “linear,” the change inevitably serves to increase the privacy of participants in a Bitcoin transaction as well as the transaction itself.

Another benefit of the Taproot update is that it might decrease transaction space on the network by as much as 20%, particularly when multi-signed transactions are involved. This would result in a decrease in the network’s gas expenses while also allowing for the creation of smart contracts on the Bitcoin network.

You may remember that Square’s Jack Dorsey and his colleagues have been working on a way to introduce decentralized finance to Bitcoin; with this improvement, their objective may be within reach.

It’s worth noting that the new update has simply been enabled, not installed. Its implementation might take a year or two since miners must update their nodes to a compatible mechanism with the upgrade, in addition to the fact that BTC wallet developers must design new wallets to allow users of the network to transact.

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Posted in: Bitcoin, Miscellaneous

Scalability comes to Bitcoin as Taproot upgrade goes live |

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The “bitcoin taproot upgrade date” is a new update that will allow for more scalability. The upgrade was released on the 2nd of December, 2017.

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Emilia James
By Emilia James

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