The Bitcoin blockchain is 1,787 blocks away from being more private and more scalable, of course if miners accept the most ambitious upgrade in years.
The update and upgrade are called “Taproot”.
After several years of development, the long-awaited “Taproot” update is ready to go, and now it is up to the community to decide whether or not they agree to implement this update.
What is the “Taproot” update and why is it important?
“Taproot” is a “Soft fork” update and upgrade that integrates encrypted “Schnorr” signatures, which is an alternative signature method for “ECDSA” currently implemented on the network.
This upgrade allows, in very simple terms, to create a type of master key that summarizes a group of signatures into a single signature.
This way, making multi-input transactions (UTXI) on Bitcoin becomes more efficient, cheaper and easier.
This implementation opens the door to various methods of anonymity by hiding the number of participants in a single Bitcoin transaction.
Another benefit of the Taproot upgrade is that it reduces load on the network, and reduces transaction space by at least 20%, which will increase transaction processing capacity per second and significantly reduce per-transaction fees.
Many expect the Taproot update to be implemented to enable the ultimate development of smart contracts, which will lead to greater adoption of the network.
In simple terms, the upgrade is a major step towards a more private and scalable Bitcoin.
The future of Bitcoin is in the hands of society:
To implement the upgrade, the proposal must pass a major test.
Miners must update their contract with this update and indicate that they agree to a “Taproot” if they agree.
The voting period started coinciding with the latest update to the network difficulty and will continue until the next update.
If at that time more than 90% of the mining blocks indicated their approval of a “Taproot”, then a “Soft fork” would be implemented next November.
The first block referred to for the “Taproot” update was block 681458, which is the block that was mined by the SlushPool mining pool yesterday May 02, 2021.
Currently, 10.36% of the minerals blocks agree to the modernization, with 1,723 blocks left to see what happens.
If the target is not met, we will have to wait for the next segmentation difficulty adjustment i.e. after another 2016 block.
You can visit the site “Taproot.watch”, to follow the development of this event.
Currently, out of the top 10 mining complexes, only 3 have given approval marks.
The Taproot upgrade event has already caused an uproar in the cryptocurrency community, especially considering that the second most powerful bitcoin mining pool, “F2Pool” approved “Taproot” while the largest bitcoin mining pool “AntPool” refused to upgrade.
Among the Bitcoin pioneers enthusiastic about the upgrade are Jack Dorsey, founder of Twitter, who shared a link pointing to the update tracking site, Andreas Antonopoulos, who said he would make his contract happen as soon as possible, and Charlie Shrimp, who thanked the developers for the hard work they had done. They are doing.