What You Should Know After Big Bitcoin Upgrade

The world’s largest cryptocurrency, bitcoin has received its biggest upgrade in years as Taproot got activated at block 709,632.

Taproot upgrade is the biggest upgrade in four years after Bitcoin’s network saw segregated Witness, or “SegWit,” upgrade in July 2017. The current upgrade is likely to improve privacy, scalability and security on the network.

Unlike the controversial SegWit, Taproot has received a near-universal consensus when over 90% of miners signaled their support.

Taproot, first proposed by Bitcoin core contributor Gregory Maxwell in 2018, opens doors for various technical innovations including improving many things for the network such as privacy features and scalability.

A Coindesk report pointed out that, so far, only a little more than half of known Bitcoin nodes are signaling support for the upgrade. The rest are running old software, which means they will not yet be able to enforce the new rules of Taproot – at least, not until they upgrade to Bitcoin Core 21.1.

One of the crucial change due to the current upgrade is it helps in greater transaction privacy and efficiency, which will unlock the potential for smart contracts, which can be used to eliminate middlemen from transactions.

Developers, who are looking for ways to make use of current space more efficiently, can’t simply increase this limit without affecting on Bitcoin’s decentralization. Taproot could address this as Bitcoin’s limited transaction space is an plaguing the digital currency.

Bitcoin is currently trading at $64,097 today with a market capitalisation of $1.21 trillion.

Source: Livemint.com

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