Bitcoin taproot upgrade confirmation | Author: Titus | Capital | June 2021
The long-awaited Bitcoin Taproot upgrade has now finally been confirmed by the node. For this confirmation, at least 90% of the mining nodes upgraded by Taproot must be correct. So this year, Bitcoin’s first consensus change since the introduction of Segwit in 2017 is imminent.
Simply put, Taproot is a soft fork of Bitcoin, used to improve the code to increase privacy and reduce the complexity of transactions.
Strictly speaking, the Taproot upgrade consists of three Bitcoin Improvement Proposals (BIPs), each of which has three different effects. These include Schnorr signatures, Taproot itself, and Tapscript. BIP 340, 341 and 342 are collectively referred to as Taproot Upgrade.
BIP 340 includes Schnorr signature. This feature was introduced to increase privacy and reduce transaction costs.This is because storage space is saved Public key And the signature that was previously run through EDCSA (Elliptic Curve Digital Signature Algorithm). With these storage space savings, more transactions can be confirmed in a block, thereby reducing transaction fees for Bitcoin users.
BIP 341 describes the must be integrated into Bitcoin Script so that the system fully accepts Schnorr signatures.
BIP 342 integrates multiple operation codes, that is, codes that realize different functions. This realization makes it possible to execute P2TR transactions.
The integration of P2TR (Pay-to-Taproot) can increase Bitcoin’s data protection.With Taproot, the code of the smart contract is no longer distinguishable from a single code transaction.
As of Saturday, June 12, 2021, more than 90% of mining nodes have confirmed the introduction of the Bitcoin Taproot upgrade. The introduction of soft forks requires the majority of 90%.
On the website Taproot.watch there Is an overview showing the number of approvals, rejections, and abstentions vote. There it is easy to see that the required 90% has been exceeded and the Taproot upgrade is in progress Introduction.
Some of the largest mining pools have supported Taproot for some time. These include AntPool, F2Pool or Slush Pool. The activation of the main root is set for block 709632. This block may be confirmed on November 14, 2021.
Bitcoin Core developer Pieter Wuille emphasized the importance of Taproot:
This is the first consensus change since Segwit was activated in August 2017. Bitcoin Scripting functions in a certain way, by frequently using precise output, makes certain things cheaper (especially more complex applications such as Multisig and layer 2 things) and more private rule.
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