Bitcoin’s most significant update Taproot just went live and this is the biggest once since 2017 as we are reading more in our latest Bitcoin news today.
The long-awaited upgrade to the BTC network is here and with the new protocol, Taproot, preserves privacy on the BTC blockchain by obscuring complicated transactions and it is here to make them cheaper and lightweight. Bitcoin’s most significant update was locked in on June 12 and it was seven years in the making. Taproot combines complex transactions with simple ones without having to bulk out on the blockchain.
#Bitcoin’s biggest upgrade in four years just happened – Taproot.
— ICO Drops (@ICODrops) November 14, 2021
Taproot does this by simply replacing Bitcoin’s signature protocol with Schnorr signatures and these are faster signatures that are boosting the Bitcoin transaction privacy and make it even easier to implement the lightweight smart contracts. This is good for bitcoin as it will make multi-signature transactions that require a more signatory to allow the transactions at once with cheaper and easier to execute. Making better use of Bitcoin’s finite space makes this blockcahin more scalable.
Taproot is the biggest update to Bitcoin since SegWit in 2017 and the latter fixed a host of bugs that are allowed for more transactions to be settled into each block and laid the groundwork for Layer 2 payment channels like the Lightning. Today’s update shows a behind-the-scenes change for now because the steps before the upcoming Taproot upgrade were activated In June and then the network instigated a waiting period for the nodes to upgrade to a new version of the Bitcoin Core. As with all things on BTC, the upgrades are meaningless unless the community makes use of them and now it is up to the developers to build more on Taproot.
As recently reported, The entire crypto market cap saw a new record as both ETH and BTC charted new highs with ADA soaring by 12% in the past 24hours. Bitcoin managed to get to a new high in less than three weeks of $67,000 and set a new one of $69,000 and Ethereum followed suit while painting a new high as well. Cardano gained a new high well as it increased 12% overnight. Three days ago the main cryptocurrency struggled at around $60,000 and the community wondered if that will remain above this level for longer. A lot can change on the market for the next few days as instead of dipping below $60,000 BTC went on the offensive and started increasing fast.
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