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Majority Approval of Taproot Upgrade for Bitcoin…Why Is This Upgrade Important for the Bitcoin Network?

Source: https://bit.ly/3gnHxdO

The Bitcoin “Taproot” upgrade has been fully voted up by over 90.38% at the time of writing this article.

Over 99% of bitcoin blocks indicate approval of the upgrade.

At the moment, the process of closing, which officially means the approval of the upgrade, has been completed.

What is Taproot Upgrade?

Taproot is a proposed upgrade to the Bitcoin protocol, which will be integrated with the Bitcoin blockchain as a “soft fork.”

The Taproot update will expand the flexibility of the bitcoin smart contract while providing more privacy, even for regular bitcoin transactions.

Meaning, the Taproot upgrade will combine Schnorr’s signature scheme with MAST (MAST stands for Merklized Alternative Script Tree) and a new scripting language called Tapscript.

This merger, in turn, will cause changes to the Bitcoin script that will mask the various information associated with the transaction.

The “Taroot” upgrade will be released after voting has been locked.

As for the release date of the new upgrade, it is expected to be in November of this year.

Once approved and added to the Bitcoin blockchain, it will increase the privacy of Bitcoin and make it more compatible with smart contracts.

Currently, Bitcoin transactions can be easily tracked on the blockchain without providing the necessary privacy to the user, but the Taproot upgrade will ensure that only a certain part of the Bitcoin transaction can be tracked.

The Taproot upgrade will be the first major Bitcoin upgrade in 4 years:

The Taproot upgrade will mark the first major addition to the Bitcoin network since the SegWit upgrade in 2017.

The Taproot upgrade is a first step towards making bitcoin a more private cryptocurrency.

There are many ways in which it can make it more difficult to track a Bitcoin transaction like mixers.

Without mixing mechanisms, Bitcoin transactions can be easily tracked especially at a time when blockchain monitoring tools have become more and more powerful.

Taproot solves this problem and hides all defined parts of a Bitcoin transaction.

It can be argued that Taproot will contribute to making Bitcoin more private, by reducing the information shown in each transaction.

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