Crypto king bitcoin will be undergoing a significant upgrade after 4 years
The Taproot upgrade is one of the most anticipated network upgrade of the bitcoin block chain
Bitcoin taproot is the most important upgrade happening in 4 years after segwit
Bitcoin taproot aims to enhance privacy, scalability and security by upgrading bitcoin scripts
This upgrades are made possible by combining a upgrade with a algorithm called schnorr signatures
What Is Taproot and how will it work ?
Taproot is a soft fork of bitcoin's source code that aims to boost bitcoin's scripts and increase speed, privacy and provides boost to its complex transactions
Transactions happening on the bitcoin block chain aren't private and can be viewed using bitcoins public ledger
Taproot upgrade aims to enhance this issue by shielding transactions with a complex algorithm and using multiple features
Bitcoin block chain network can use multiple features like time lock release and multiple signature permission
Taproot will bring the privacy needed on the block chain network by cloaking transactions into multiple parts and merging all of them into one
Taproot upgrade will divide one transaction into multiple parts were the in built complex transaction features will come into play
The transaction made on the network will look as one transaction but will work as multiple which is a win win situation for the bitcoin community
The Taproot proposal was first proposed by bitcoin core developer named Greg Maxwell in January 2018
In 2020 the proposal was added into bitcoin core library by Pieter Wuille
The Taproot will only happen if the community adopts it mainly miners
To implement the Taproot upgrade node operators and miners has to adopt the soft fork and new consensus rules
Taproot was recently adopted by all the node operators and upgrade will be activated by November
Taproot upgrades are going to be implemented together with another upgrade called Schnorr Signatures
Why Schnorr Signatures needed?
Schnorr signatures is cryptographic signature algorithm that was developed by Claus Schnorr
Claus schnorr a german cryptographer created the algorithm and kept the algorithm protected
The signature algorithm was secured under a patent for several years but expired in 2008 with number of advantages
Schnorr signatures can successfully produce short signatures that are really helpful for the taproot upgrade
Schnorr signature is a simple but secure signature algorithm that may help bitcoin taproot upgrade succeed
Schnorr signature will bring multiple keys under a transaction and produce one single simple signature key
How the upgrade will help bitcoin?
Taproot the most important upgrade of the bitcoin block chain network after 4 years
The improvement upgrade includes -
- better security of the network
- reduced amount of data stored
- lower transaction fees
- higher transaction per second
- higher transaction speed
- advance algorithm under simple signature
Taproot also will fix the scary double spend problem and secure the network from malicious attacks go
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How much fee difference can we see after TapRoot implementation? Since the article mentioned "low transaction fee" :-)