2021-05-04 19:34:49
Bitcoin Miners Start Signaling for Taproot Activation, People Prep for BTC's Largest Update in 4 Years
Bitcoin Miners Start Signaling for Taproot Activation, People Prep for BTC's Largest Update in 4 Years
Bitcoin miners have started to signal for Taproot activation and crypto supporters are looking forward to the largest bitcoin update in almost four years. The mining operation Slush Pool mined the first block signaling for Taproot and since then the pools Foundry and F2pool have joined in on signaling as well.
Bitcoin Block: 681,458 Signals for Taproot
It’s been a long time since the Bitcoin network has seen a major upgrade and the last time it happened was in 2017, back when BTC participants activated Segregated Witness (Segwit). Since then, bitcoiners have been discussing the next major upgrade Taproot. The Taproot proposal was introduced in January 2018 by software developer and Bitcoin Core contributor Gregory Maxwell.
Last October, Taproot was introduced into the Github repository as a pull request initiated by Bitcoin Core programmer Pieter Wuille. Ostensibly, Taproot can help BTC scale and bitcoin transactions can become more private. The protocol that will be deployed if it comes to consensus, is a soft fork that improves the blockchain’s scripts for privacy-centric and complex transactions.
“Taproot is a proposed Bitcoin protocol upgrade that can be deployed as a forward-compatible soft fork,” the Github “Taproot-Activation” documentation notes. “By combining the Schnorr signature scheme with MAST (Merklized Alternative Script Tree) and a new scripting language called Tapscript, Taproot will expand Bitcoin’s smart contract flexibility, while offering more privacy by letting users mask complex smart contracts as a regular bitcoin transaction.”
48 viewsMario Mineiro ( @CryptoLammer on 🆃🆆🅸🆃🆃🅴🆁) , 16:34
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