Bitcoin introduces major update 'Taproot' for the first time in 4 years

Bitcoin, the largest cryptocurrency, has introduced a major update 'Taproot' that improves the privacy and security of transactions by switching the signature method to 'Schnorr signature'. The proposal was submitted in 2018 and will be implemented over 3 years.

Bitcoin's long-anticipated Taproot upgrade is activated

What investors should know about the bitcoin Taproot upgrade

Bitcoin has been updated in various sizes. A particularly big change is known as 'Segwit', a block restriction relaxation introduced in August 2017. At this time, opinions were divided between the soft fork group that introduced Segwit and the hard fork group that uses another method called UAHF.

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'Taproot' is the first major update in about 4 years since this 'Segwit'. By switching the signature method to 'Schnorr signature', it is expected to improve anonymity at the time of transaction, speed up smart contracts , and reduce costs. When introducing it, the community voted multiple times, and more than 90% of the votes were in favor of it, and the introduction was decided.

Bitcoin will be subject to a major update 'Taproot' since the 2017 turmoil-GIGAZINE

According to CNBC, a US news media, Catherine Dowling of Bitwise Asset Management, a cryptocurrency investment trust, described Taproot as 'the foundation of the next innovation in the Bitcoin protocol' and 'mainly by Taproot. We expect a new wave of Bitcoin innovation focused on smart contracts. '

in Note, Posted by logc_nt