Bitcoin’s long-awaited upgrade: Taproot

Bitcoin validates its new upgrade amid heating competition from Ethereum, Dogecoin, Cardano and Binance’s BNB.

Bitcoin is the most popular cryptocurrency in the market and has the largest value with a market capitalisation of $750 billion.

The new update named Taproot is already hailed by the investers and stakeholders all over the world. Taproot will come into effect later this year, in the month of November. 

Taproot is applauded globally

Taproot is the most anticipated upgrade of Bitcoin  since Segregated Witness(popularly known as SegWit) in 2017. But while Segwit recieved mixed responses from the cryptocurrency investers community, the 2021 update has universal support from the community and analysts alike. 

What new features will it add?

  •  As of now, Bitcoin uses the Elliptic Curve Digital Signature Algorithm. Taproot will switch over to the Schnorr Signatures. TheSchnorr Signatures are expected to improve the privacy and efficiency of Bitcoin transactions. Cryptographers around the world consider it the best because its analytical properties provide a higher level of correctness.The signatures can take multiple keys within a complex Bitcoin transaction and produce a single signature.

  • This update will also provide the potential for smart contracts. It is a notable feature that can put an end to middlemen in any Bitcoin transactions. Taproot is expected to introduce Merkelized Abstract Syntax Trees (MAST). MAST will revamp the efficiency and security of transactions history and other spending conditions. Here’s how a MAST works: 

Taproot is going to be the most important update in the history of not only Bitcoins, but the whole cryptocurrency industry. It will cement Bitcoin’s position as the most relevant cryptocurrency right now in the market. This upgrade is very much looked forward by miners as it will allow new and robust functionality to Bitcoin’s protocol. 

In the wake of Bitcoin’s new upgrade and Elon Musk’s company Tesla again resuming Bitcoin payments, Bitcoin prices might see a surge !!

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