₿itcoin Taproot Update is coming ! What is it going to change?
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
Next step?
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
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Also adds time lock contracts and reduces data on chain making transactions cheaper.
BTC ecosystem is going to keep getting better as more layer 2s plug in lien OMNI, RGB and Statechain too.
Once they all become interoperabile without touching the base layer it’s going to be epic!
Wallet developers need to get their act tougher! I hope Jack Dorseys wallet puts pressure on guys like ledger so stop wasting time shitcoining and adding proper BTC support
Yes indeed, a lot of innovation coming to Bitcoin. It shows people telling that it is a dinosaur that they are wrong.
Could Bitcoin become the settlement layer of some new dams ? DeFi dapps ? Everything is possible I guess 😅
I was wondering what taproot was. I'll try and find some time to listen to the video. Thanks for the link. 😊
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You are more than welcome. Thanks for commenting 😊
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Long waited thing happened in the end ^^ Good to see the consensus over the update. Let's see what will Taproot bring for our ecosystem 😄
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It wetn quite fast tbh. Positively surprised, when I remember all the dramawith BCH a few years back :D
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The update is getting quite a bit of hype. So the update should be considered approved soon and there will be a while before it really takes off. Do you think many of the developers will start using the features?
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It is planned to be fully online in November. Developers have already starting developing new use cases to utilize these new features !
Bitcoin can omprove, good to know right? :D
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Definitely good to know. As of right now, I think ETH has the most developers and money so people are pumping that up more.
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The more I read about this update, the more I understand, one question though, what will happen if a miner doesn't run this update? Does it have any effect on mining revenue?
I believe if it is after the trial period he might not be able to validate upcoming blocks and therefore get the Bitcoin rewards.
I would definitely like a 2nd opinion on this as I am not an expert.
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