Another Bitcoin milestone; Taproot upgrade a fact in November
The ‘Speedy Trial’ lock-in period for the latest Bitcoin network upgrade Taproot is has completed. According to taproot.watch, the lock-in has been achieved and happened at block height 687,285 and was mined by the mining pool Slushpool.
Now that the lock-in period of signaling has finished, Taproot will be fully implemented this November. As taproot.watch indicated:
“This period has reached 1815 Taproot signaling blocks, which is required for lock-in.”
The Taproot upgrade is the largest upgrade in four years since the activation of Segregated Witness (Segwit) back in 2017.
Poolin executive Alejandro De La Torre send out a tweet to his followers sharing the great news:
TAPROOT has locked-in. Excellent work miners! Congratulations bitcoiners!
#Bitcoin protocol upgrade now set to activate in November. pic.twitter.com/rJWh0aETZd
— Alejandro De La Torre (@bitentrepreneur) June 12, 2021
https://platform.twitter.com/widgets.js
When activated in November, the Taproot upgrade will bring some significant improvement to the Bitcoin network.
Improved scalability & privacy
Addresses will be able to leverage Schnorr signatures in contrast to Bitcoin’s current elliptic curve digital signature algorithm (ECDSA). This will improve scaling capabilities as Schnorr signatures are much more compact than ECDSA.
In addition, the Taproot activation will include more complex smart contracts and decision-based transactions. Alongside this, there the upgrade will bring more privacy when transacting. Merkle trees will be an option as well.
Miners and other node operators will have roughly five months to make the transition to the Taproot soft work. Similar to Segwit, network participants do not necessarily have to upgrade to the new ruleset. However this could then lead to a separation, similar to what happened with Bitcoin Cash.
Aaron van Wirdum, technical editor at Bitcoin Magazine, shared the ins and outs of the soft fork in a high quality Twitter thread:
Don’t understand what Taproot lock-in means and at this point you’re too afraid to ask?
Here’s a thread with all my Taproot and Taproot activation articles so far
— Aaron van Wirdum (@AaronvanW) June 12, 2021
https://platform.twitter.com/widgets.js
Bitcoin investor, Eric Weiss, confirmed what Bitcoiners already know, its decentralized power:
The Taproot ratification is evidence that #bitcoin continues to evolve & improve without centralized governance.
— Eric Weiss (@Eric_BIGfund) June 12, 2021
https://platform.twitter.com/widgets.js
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Source: igaming
