Scalability comes to Bitcoin as Taproot upgrade goes live

2021-11-16 23:00

After years of waiting for an upgrade on the network of the leading digital asset, Taproot, an upgrade that would be focused on making Bitcoin more private whilst also improving its security has finally seen the light of the day.

The upgrade was activated when F2Pool mined block 709,632 on BTC’s blockchain network

Why the Taproot upgrade matters

In the simplest form, the Taproot upgrade is a drive towards making Bitcoin more private and scalable.

It is an upgrade that would see to the integration of Schnorr cryptographic signatures which is the opposite of the ECSDA mechanism that is currently implemented on the network. According to Hackernoon, Schnorr signatures solve the problem of security, efficiency and privacy better than the current signature of the blockchain.

Taproot creates the summarization of signatures into one, making multi-signature transactions become more effective and efficient. The upgrade, invariably, also helps to improve the privacy of participants in a Bitcoin transaction and the transaction itself as Schnorr signatures have the added benefit of being “linear.”

One other advantage of the Taproot upgrade is the fact that it would be able to reduce the transaction space on the network by as over 20% especially when the transactions are multi-signed. This would lead to a reduction in the gas fees of the network and at the same time, it could also lead to the developments of smart contract on the Bitcoin network.

You’ll recall that Jack Dorsey and his team at Square have been working towards how they could bring decentralized finance to Bitcoin, with this upgrade, their goal could become easily achievable.

It is important to note that the new upgrade has only been activated and not implemented. Its implementation could take as long as a year or two as miners still have to upgrade their nodes to a compatible mechanism with the upgrade plus the fact that BTC wallet developers have to create new wallets that would make the transactions possible for users of the network.

The post Scalability comes to Bitcoin as Taproot upgrade goes live appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 98053.71 (-0.38%)
Объем 24H $103.501b
Изменеия 24h: 3.73 %, 7d: 11.54 %
Cегодня L: $94006.77 - H: $98767.29
Капитализация $1940.047b Rank 1
Цена в час новости $ 61183.51 (60.26%)

upgrade bitcoin taproot making focused private whilst

Источник: cryptoslate.com

upgrade bitcoin → Результатов: 126


Quasar hard fork: Bitcoin SV upgrades block size to 2GB

A planned hard fork has been executed on Bitcoin SV (BSV) despite deliberation over the timing of the scheduled upgrade, dubbed “Quasar”. The fork has upped the protocol’s block size limit from 128MB to 2GB—a development that according to the owners of the BSV project, Bitcoin Association, will help BSV scale to “1000+ transactions per […] The post Quasar hard fork: Bitcoin SV upgrades block size to 2GB appeared first on CryptoSlate.

2019-7-25 12:13


Фото:

Bitcoin Cash Multi-Party Escrow, Retail Adoption, and Upgrade Discussions

Another week has passed for the Bitcoin Cash (BCH) community and as usual, there’s been a bunch of announcements and developments. BCH supporters this week saw the release of a multi-party onchain escrow system, Ethereum cofounder Vitalik Buterin discussed using the BCH chain as a data layer, and more BCH-accepting merchants were onboarded.

2019-7-16 00:56


Coinbase Sides With Bitcoin Cash (BCH) Miners on 51% Attack Smack

By CCN: Coinbase researchers have released their own investigative findings into the recent Bitcoin Cash 51% attack controversy, and their conclusions might upset many Bitcoin maximalists. When Bitcoin Cash came under attack during a scheduled hardfork in mid-May, a group of miners colluded to reverse the attacked blocks and return misappropriated funds to their rightful owners.

2019-5-31 17:20


Bitcoin Cash [BCH] is ‘unsecure’ and the recent BCH chain reorg is a ‘sh*t show’, says Blockstream CSO

Bitcoin Cash, the fourth largest cryptocurrency in the world, has had more than a few hiccups this month. The scheduled upgrade for BCH didn’t quite go as planned, the SegWit BCH funds were stolen, two mining pools had to reorg to blocks to return the stolen funds, and other developments marred the otherwise peaceful bullish […] The post Bitcoin Cash [BCH] is ‘unsecure’ and the recent BCH chain reorg is a ‘sh*t show’, says Blockstream CSO appeared first on AMBCrypto.

2019-5-26 16:00


Bitcoin Cash exploit cripples network during scheduled hardfork upgrade

A bug was reportedly exploited on Bitcoin Cash during a scheduled hardfork upgrade of the protocol. For an hour and a half transactions went unprocessed, causing fees to skyrocket. A source familiar with the project says the exploit “looks like a timed attack,” while other rumors are circulating that the “attacker” placed a 180,000 BCH short […] The post Bitcoin Cash exploit cripples network during scheduled hardfork upgrade appeared first on CryptoSlate.

2019-5-16 21:43


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Mining Costs Spike To Nearly $50K As Miners Look To AI For Survival

Bitcoin mining is now a highly competitive industry that’s not just expensive but technology-intensive as well. Individuals interested in joining the growing mining industry must invest in a specialized computer system, steady internet, reliable energy supply, and a good amount of skill to manage the process.

Bitcoin Diamond Hands Still Unbroken: 30.7% Of Supply Dormant For 5+ Years

Data shows the Bitcoin diamond hands have continued to sit tight recently as almost a third of the supply hasn’t been moved in five years. Bitcoin Has A Notable Part Of Its Supply Dormant Since Over Five Years In a new post on X, the market intelligence platform IntoTheBlock has discussed about how the most […]

Bitcoin Open Interest Is Shooting Up: Will Shorts Be Rekt This Time?

Data shows the Bitcoin Open Interest on exchanges has been heading up while the Funding Rate has turned negative recently. Bitcoin Open Interest Trend Suggests Speculators Are Back As pointed out by CryptoQuant community manager Maartunn in a new post on X, things appear to be heating up on the derivatives side of the market.

Bitcoin Difficulty Jumps 3% As Hashrate Slowly Recovers

On-chain data shows the Bitcoin mining difficulty has seen an increase in the latest adjustment, a consequence of the hashrate’s recovery. Bitcoin Mining Difficulty Has Seen A Positive 3% Adjustment Recently The “mining difficulty” refers to a feature built into the Bitcoin blockchain that controls how hard the miners would find it to mine on […]

Bitcoin Investors Have Turned Greedy Again: What Could Be Next For BTC?

Data shows that Bitcoin investors have again assumed a sentiment of greed after BTC’s surge of $64,000. Here’s what this could mean. Bitcoin Fear & Greed Index Is Now Pointing At ‘Greed’ The “Fear & Greed Index” is an indicator created by Alternative that tells us about the sentiment currently present among the investors of […]

These Are The Biggest Bitcoin Support & Resistance Zones, Analyst Reveals

An analyst has revealed the Bitcoin price zones that could act as major support and resistance centers for the cryptocurrency. A Large Number Of Investors Bought Bitcoin Inside These Zones In a new post on X, CryptoQuant author IT Tech has discussed the Bitcoin price levels that could act as support and resistance for BTC.