Bitcoin Taproot Upgrade Is Set To Change The Game Of Privacy & Security
The first bitcoin upgrade in four years has just been approved by miners around the world. It’s called Taproot, and it’s due to take effect in November.
The upgrade will mean greater transaction privacy and efficiency – and crucially, it will unlock the potential for smart contracts, a key feature of its blockchain technology. The key highlights are listed below.
When Bitcoin finally reaches the specified “block height” 709,632 in November, Taproot will be activated. All the relevant proposals associated with the upgrade will automatically kick in. Upon activation, all upgraded nodes will be able to accept transactions made using the upgrade protocol.
Users will also need to upgrade their Bitcoin wallets (Bitcoin Core\Ledger Live\Trezor suite) in order to receive the benefits of the new upgrade.
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The upgrade will mean greater transaction privacy and efficiency – and crucially, it will unlock the potential for smart contracts, a key feature of its blockchain technology. The key highlights are listed below.
- Taproot is a proposed upgrade to Bitcoin which will introduce several new features.
- Taproot will integrate the Schnorr digital signature scheme into Bitcoin, upgrading Bitcoin’s core cryptography.
- Taproot builds on the SegWit upgrade to improve Bitcoin’s privacy and lower transaction fees.
- Taproot makes future Bitcoin upgrades easier by reforming Bitcoin’s scripting language.
When Bitcoin finally reaches the specified “block height” 709,632 in November, Taproot will be activated. All the relevant proposals associated with the upgrade will automatically kick in. Upon activation, all upgraded nodes will be able to accept transactions made using the upgrade protocol.
Users will also need to upgrade their Bitcoin wallets (Bitcoin Core\Ledger Live\Trezor suite) in order to receive the benefits of the new upgrade.
Find Out More