The Bitcoin blockchain is 1,787 blocks away from being more private and more scalable, if of course if miners accept the most ambitious upgrade in years.

The update and upgrade is called “Taroot”.

After several years of development, the much-anticipated Taproot update is ready to run, and now it’s up to the community to decide whether or not they agree to implement this update.

What is Taproot and why is it important?

Taproot is a soft fork that integrates Schnorr cryptographic signatures, which is an alternative signing method to ECDSA currently implemented on the network.

This upgrade allows, in very simple terms, to generate a type of master key that summarizes a group of signatures into a single signature.

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In this way, performing multi-input transactions (UTXI) on Bitcoin becomes more efficient, cheaper, and easier.

This implementation opens the door to various methods of anonymity by masking the number of participants in a single Bitcoin transaction.

Another benefit of the Taproot update is that it eases the load on the network, and reduces transaction space by at least 20%, which will increase transaction processing capacity per second and significantly reduce per-transaction fees.

Many expect to implement the Taproot update to enable the ultimate development of smart contracts, which will lead to greater adoption of the network.

In simple terms, the upgrade is a major step towards a more private and more scalable Bitcoin.

The future of Bitcoin is in the hands of society:

To carry out the promotion, the proposal must pass a major test.

Miners must update their contract with this update and indicate their acceptance of “Taproot” if they do.

The voting period began with the last network difficulty adjustment and will continue until the next update.

If at that time more than 90% of the mining blocks indicated that they agreed with Taproot, then the “soft fork” would be implemented next November.

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The first block indicated for the “Taproot” update was block 681458, which is the block that was mined by SlushPool mining pool yesterday, May 02, 2021.

Currently, 10.36% of miners agree to update, with 1,723 blocks left to see what happens.

If the goal is not achieved, we will have to wait for the next hash difficulty adjustment after 2016 another block.

You can visit the site “Taroot.watch”To follow the development of this event.

Currently, among the top 10 mining pools, only 3 have given approval marks.

The Taproot upgrade event has already caused an uproar in the crypto community, especially given that the second most powerful bitcoin mining pool, F2Pool, approved Taproot while the largest bitcoin mining pool, AntPool, refused the upgrade.

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Among the bitcoin pioneers eager to upgrade are Jack Dorsey, founder of Twitter, who shared Contacts He points to the update tracking site as well as Andreas Antonopoulos who said he will update his contract as soon as possible and Charlie Shrem who thanked the developers for the hard work they’re doing.

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