Bitcoin’s Taproot Upgrade is Finally Here: Went Live Successfully

The Bitcoin network made history today as its most ambitious upgrade, Taproot, went live at block 709,632, 5:15 UTC on Sunday – November 14, 2021.
Taproot Upgrade is Live
The implementation is a milestone for Bitcoin, considering that Taproot is the first significant upgrade in the network since August 2017 after the Lightning Network and Segregated Witness (SegWit) upgrades.
While SegWit and the Lightning Network focus on making transactions faster and cheaper, Taproot brings a lot more than just improving scalability and reducing fees. As explained in a previous report, the latest upgrade aims to increase privacy and security for the protocol.
Taproot brings Schnorr Signatures to reduce some of the burdens on the network while enhancing simplicity, efficiency, and security. It creates a sort of master key to summarize a set of signatures in a single one. This makes it possible to perform multi-signature multi-input transactions (UTXI) a lot easier, faster, and cheaper.
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