Bitcoin Undergoes Biggest Upgrade Since 2017
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Bitcoin has activated the upgrade of the taproot soft fork after a consensus reached between miners
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The taproot upgrade aims to improve the privacy and scripting capabilities of the flagship cryptocurrency’s network
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This is the first major upgrade to BTC since 2017 when the Lightning Network and Segregated Witness were launched
The first upgrade of the Bitcoin network since 2017 went live yesterday following a moment of consensus from stakeholders.
The update termed Taproot will allow transaction privacy and scale up the scripting capabilities of the flagship cryptocurrency.
In addition to that, it will open doors for smart contracts to be used, eliminating the need for middlemen to complete transactions.
Unlike bitcoin’s 2017 upgrade where consensus was divided among miners, Taproot had near-universal support with 90% of stockholders backing it.
One of the major changes that users will notice in this upgrade is that it will make multi-signature transactions unreadable, according to miner Alejandro De La Torre.
Read also: JP Morgan Predicts Bitcoin to $146,000
In effect, you can expect greater privacy because your keys will have less exposure on the blockchain.
Also, Taproot will make smart contracts cheaper and smaller, which means that they will consume less space on the blockchain.
Although the bitcoin community agreed to the taproot upgrade in June, it didn’t launch till November, to give enough room for testing.
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