Bitcoin taproot 🐯

⁣Taproot Bitcoin update activation ready by November

The goal is to improve scalability and privacy for bitcoin, in the report, a "quick trial" will be held in mid-May followed by the update in November.

The quick trial will last 3 months, miners showing interest will speed up the upgrade.

This update was initially proposed in May 2019. In December 2019, The Binance Pool helped join other miners. The developers are coding UASF in case the Speedy Trial fails, which would be brought online

https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2019-May/016914.html

What is Taproot?

It is a soft fork on the Blockchain and since the proposals do not include any drastic changes to the consensus mechanisms, they are unlikely to encounter much resistance from the community. Designed to improve the efficiency of the BTC blockchain by reducing the size of signatures, which will also have a knock-on effect on the size of transactions.