Major Bitcoin upgrade

Major Bitcoin upgrade, Taproot, activates to improve the Network

Major Bitcoin upgrade, Taproot, has been activated which aims to improve the Network. This upgrade was done after a block height of 709,632 and it is one of the biggest changes since the introduction of Segregated Witness in 2017.

Major Bitcoin upgrade, Taproot, activated today:

Bitcoin Network has seen a major upgrade today at 12:15 a.m. (EST) after the block height of 709,362. Major Bitcoin upgrade was long-awaited because it has taken seven years to complete. Taproot is useful because it will improve the privacy, scalability, and security of the Network. Schnorr signature combined with the major Bitcoin upgrade allows for more compact transactions and key aggregation.

Major Bitcoin upgrade
Tweet of Jack dorsey about Taproot upgrade Source: Twitter

The codebase has explained three major benefits of the Schnorr:

  • Provable security: Schnorr signatures are provably secure. In more detail, they are strongly unforgeable under chosen message attack (SUF-CMA).
  • Non-malleability: The SUF-CMA security of Schnorr signatures implies that they are non-malleable. On the other hand, ECDSA signatures are inherently malleable.
  • Linearity: Schnorr signatures provide a simple and efficient method that enables multiple collaborating parties to produce a signature that is valid for the sum of their public keys.

Tapscript language is generated when the Schnorr signature scheme combines with MAST. The taproot activation page has been upgraded written “Laproot locked-in. Thanks, miners.” Supporters of bitcoin have discussed this major bitcoin upgrade and its benefits for the network.  Bitcoin investor Pompliano expressed his joy through his social media account. He also said that BTC is ready to fly.

major Bitcoin upgrade
Tweet by the investor Pompliano
Source: Twitter

Like many other people Core developer, Pieter Wullie also discussed the successful soft fork on Twitter and thanked all the network participants. In my opinion, improved security, scalability, and security will be very beneficial for the Network.

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About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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