Bitcoin miners and traders have been eagerly waiting for this new massive Bitcoin upgrade, now fully ready for implementation, as miners lock in approvals.
Taproot is an upgrade that is seen as one of the most important updates to Bitcoin since Bitcoin’s last major upgrade named SedWit, which was a component upgrade that was implemented back in August of 2017, followed by SegWit2x, which was supposed to be a hard fork taking place in November in the same year, which was canceled later on as a result of some disagreements amongst the backers of the project.
As Taproot is a type of decentralized upgrade, it must pass the approval stage and cannot be implemented at the will of the developers. To support the approval process, miners have sent multiple signals, which highlight that they are ready for its implementation into the Bitcoin network.
Almost 90% of the blocks mined were supposed to come with a signal that would highlight the support of Taproot, so as of now, more than 90% of the blocks have given signals about Taproot’s approval.
Then there comes the voting process, which also needs to be passed. Taproot successfully managed to pass through this process, which happened back in 2016. The other name of this process is the Speedy Trial. If the speedy trial wasn’t passed, there would have to be a USAF, which is a process that brings the risk of node confliction into the network.
According to reports, the first activation move didn’t go as planned, so as a result, the signal process had to be moved to a different time.
What does Taproot offer?
With the implementation of Taproot into the Bitcoin network, it is expected that transactions will become more secure and trivial. Having good security and less weight of transactions on the shoulders, Bitcoin has the opportunity to become more scalable, which will also help out in decreasing transaction fees. Taproot’s security level is expected to go toe to toe with Schnorr Signatures, which is a type of transaction security system that involves multiple signatures and a master key to work.
Meanwhile, many Bitcoin enthusiasts are ready to welcome this new upgrade; some individuals like Edward Snowden are skeptical about the implementation. Snowden stated that Taproot would not be sufficient enough to solve all of the privacy issues that Bitcoin faces.