After years of waiting for an upgrade on the network of the leading digital asset, Taproot, an upgrade that would be focused on making Bitcoin more private whilst also improving its security has finally seen the light of the day.
The upgrade was activated when F2Pool mined block 709,632 on BTC’s blockchain network
Why the Taproot upgrade matters
In the simplest form, the Taproot upgrade is a drive towards making Bitcoin more private and scalable.
It is an upgrade that would see to the integration of Schnorr cryptographic signatures which is the opposite of the ECSDA mechanism that is currently implemented on the network. According to Hackernoon, Schnorr signatures solve the problem of security, efficiency and privacy better than the current signature of the blockchain.
Taproot creates the summarization of signatures into one, making multi-signature transactions become more effective and efficient. The upgrade, invariably, also helps to improve the privacy of participants in
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