Taproot is the most significant upgrade to the Bitcoin network in years and is expected to launch before the end of the year.
Bitcoin’s taproot upgrade will be active soon
Bitcoin remains the most valuable cryptocurrency in the marketplace by far. However, its network hasn’t undergone any major upgrade in years. The Taproot upgrade is expected to bring some privacy features and is set to launch before the end of the year.
This weekend, the Taproot upgrade was finally locked in after reaching a significant milestone as it draws closer to activation. Currently, 90% of the Bitcoin mining hashrate signaled for the network improvement. Data from Taproot.watch shows that the lock-in stage has been achieved.
Per the data, all recognised mining pools indicated the need for the upgrade, with Slush Pool leading the way. The leading two mining pools by hashrate, AntPool and F2Pool, were also amongst the earliest supporters of the Taproot upgrade on the Bitcoin network.
Bitcoin’s first upgrade in years
Bitcoin core developer Pieter Wuille explained that this is the first upgrade to the Bitcoin network in years. The Taproot upgrade is the first to be introduced to the Bitcoin network since the SegWit update in August 2017.
The Taproot feature “extends Bitcoin’s script capabilities in ways that make certain things cheaper (especially more complex applications like multisig and layer 2 things), and somewhat more private by often hiding what the exact spending rules were,” he explains.
The Taproot upgrade is expected to take place around November. However, Wuille said the real work begins afterward as they build the software to leverage the benefits of the network upgrade.