Bitcoin’s Taproot Upgrade Introduces New Features to Network

There has been much debate going about in the crypto industry regarding the latest update which took place for Bitcoin. For many years now, Bitcoin has been living with the ‘last civil war’ upgrade, which commenced back in 2017. Taproot upgrade, on the other hand, is a very mature improvement to employ better security, privacy, and efficiency to the bitcoin’s blockchain. Multiple changes have been made in this upgrade, and all of these seem to favor the privacy of the end-user. Taproot upgrade will be using Schnorr signatures upgrades which make smart contracts and transactions of the Bitcoin emerging on public ledger almost the same, thus indistinguishable from each other.

This is achieved through signature aggregation, which is a much-anticipated feature of bitcoin’s blockchain to better mask the privacy of the user and take the security of the whole enterprise to another level. The currently employed elliptic curve digital signature algorithm for Bitcoin will be overthrown as Schnorr signatures take effect. The previous algorithm developed signatures from a private key that was controlling a dedicated Bitcoin wallet.

So, at the end of the day, on a public ledger, the transaction taking place from that specific wallet would give away its address or some hashes of it, but the new and improved multi-signature aggregation would be completely unreadable, making it more secure than ever. With this upgrade in effect, Bitcoin will finally be able to take full advantage of the lightning network. All of the Bitcoin data in the form of smart contracts, ongoing and previous transactions, along with multi signatures, would be transferred into a single dataset, thus putting less and less strain on bitcoin’s blockchain.

The overall cost of Bitcoin would also be improved since the new upgrade reduces fees significantly, making Bitcoin available to every sector and walk of life. Overall, the Taproot upgrade is going to pave a new path for Bitcoin to tread on and back up its play in terms of accompanying much stronger bullish rallies in the future. Moreover, the future upgrades for Bitcoin would also become easier to incorporate and integrate, thanks to the present Taproot update.