If you have been checking Crypto or Twitter, you probably have heard the term Bitcoin "Taproot" update a dozen times. But what is it excatly?
Taproot speedy trial is on its way!
If at least 90% of the blocks mined in any of the designated 2-week difficulty periods “signal” their support for the upgrade, then the activation process can begin.
Taproot is the most anticipated upgrade since Segwit in 2017.
What is Taproot going to do for Bitcoin?
Through a new signature scheme known as Schnorr sig you will be able to:
- Have better privacy options
- Multisignature wallets and security
- More scaling
There is a 5 months waiting period. During that time, miners and node will have to update their software.
What happens once it goes fully live?
From there, it will be up to developers in the Bitcoin ecosystem to make use of the tools that Taproot brings to the table, specifically Schnorr signatures which will replace Bitcoin’s current elliptic curve digital signature algorithm (ECDSA).
This will allow privacy improvements, multisig technology and scaling solutions such as the Lightning Network.
Excited yet? I was very brief and I could never be as good as professionals, below is a very interesting and detailed content to understand what is at stake.
Listen to this video/podcast
Featuring Andreas M. Antonopoulos, Andrew B.Levine and other Bitcoin OGs