- The two-month delay was intended to allow for testing.
- Alejandro De La Torre claims the Taproot will include Schnorr signatures.
There has been no bitcoin update in four years. In a rare instance of stakeholder agreement and something remarkable, the taproot upgrade has gone live for the world’s most popular cryptocurrency. The Taproot update improves transaction privacy and efficiency. Furthermore, it also enables smart contracts, which can remove intermediaries.
Unlike Bitcoin’s 2017 upgrade, which was dubbed the “last civil war” because of the ideological rift between supporters. Taproot enjoys near-universal support, in part because the code modifications are minor.
Significant Schnorr Signatures
Digital signatures, like the unique fingerprints left on every transaction, are transforming bitcoin. The Elliptic Curve Digital Signature Algorithm makes a signature from a bitcoin wallet’s private key. Thus, ensuring that only the rightful owner may spend bitcoin. To make multi-signature transactions unreadable, bitcoin miner Alejandro De La Torre claims the Taproot will include Schnorr signatures.
Anthony Pompliano, a prominent analyst, tweeted about the Taproot update and applauded the developers, miners, and investors who made it possible.
The Taproot upgrade for Bitcoin has officially activated.
— Pomp 🌪 (@APompliano) November 14, 2021
Congratulations and thank you to every developer, miner, and Bitcoiner who made this happen. ⚡️
Besides being smaller and quicker than ECDSA, Schnorr signatures are also “linear,” increasing transaction privacy and allowing for more lightweight and complicated “smart contracts.”
After all, the bitcoin community decided to update in June, but it wasn’t until November. The two-month delay, intended to allow for testing and minimize the likelihood of a problem during the upgrade. According to CoinMarketCap, the Bitcoin price today is $64,663.13 USD with a 24-hour trading volume of $29,866,782,295 USD. Bitcoin has been up 1.20% in the last 24 hours.
Recommended for You
