Bitcoin Miners to Vote on Taproot, the Much Anticipated Upgrade Today

Bitcoin miners have been presented with the choice to vote for or against taproot. The taproot update has been in the process of development for many years and is now set for launching. Miners will however have to approve the upgrade before it can be effected.

What is Taproot?

Taproot is a fork of Bitcoin that integrates Schnorr cryptographic signatures. This allows multiple cryptographic signatures on the Bitcoin blockchain to be collated, interpreted and recorded in batches rather than as individual signatures. A master key envelopes the other keys in the cryptograph.

The multiple signatures performed makes Bitcoin transactions to be executed speedily and at a lesser fee. The taproot upgrade serves as a more efficient window for Bitcoin transactions on the blockchain.

The ability of a master key to envelope other keys also implies that there will be increased anonymity for transactions executed on the blockchain.

The taproot upgrade will also reduce the load on the Bitcoin network. Since transactions are done in batches, it reduces the number of individual transactions that will be recorded on the blockchain. With the upgrade, more than 20% transaction space will be freed on the network.

The taproot upgrade seems to be a positive for the Bitcoin network as the rate at which transactions are processed will be greatly increased. At the same time, fees on the network will reduce. The upgrade may also possibly lead to the development of smart contracts which may eventually transmit to increased use-cases for Bitcoin.

The upgrade however cannot be automatically implemented. Miners must approve the upgrade by voting. The voting began at the end of the last upgrade of the Bitcoin network. Currently, 2016 blocks still need to be mined. If 90% of miners show their support for the upgrade, the soft fork will be implemented this year. 

At the moment, over 10% of miners have agreed to the taproot upgrade. Members of the Bitcoin community keep their hopes high as they expect most of the miners to accept the taproot upgrade

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
Related Posts