The long-awaited BTC upgrade, Taproot goes live on On NOV. 14, 2021, at 5:15 UTC on block 709,632. Furthermore, The new upgrade, started since 2018, allowing its developers to integrate new features on the network.
More so, as per reports, the new Smart Contracts functionality will improve the privacy and efficiency of BTC.
BTC Taproot Upgrade
Notably, The first BTC upgrade, Taproot in four years is now active, where the network will now support Smart Contracts. Also, This upgrade is Greg Maxwell idea in 2018, noting it will transform the premiere blockchain network for good.
Recall, In June, BTC developer Greg Maxwell notes the voting process for the Taproot upgrade as over. Of course, with a support record of 90% of all miners.
After then, For the upgrade to become active, more than 50% of the miners will install and use this upgrade.
More so, the software now goes live after hitting this number.
Taproot Upgrade?
So, Taproot is a primary upgrade on the BTC network, to transform the overall functionality of this network.
Lastly, BTC uses the cryptographic scheme ECDSA which allows investors to sign their transactions with their private keys.
So, after this upgrade, it will start using Schnorr Signatures to add new capabilities to the network. Of course, it will in turn boost the privacy, scalability, and privacy of the network.
Galaxy Interactive Rises Additional $325M Fund For Metaverse and Next Gen…>>
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.