educationals 16 Jun, 2021 news.eBitcoinics.com Views: 41
After the birth of Bitcoin's Segwit, Taproot became one of the most anticipated technological upgrades to the bitcoin network. This goal is to change the way Bitcoin's scripts operate in order to improve scalability, privacy, and security.
In fact, Taproot makes it possible to hide the fact that a Bitcoin script ran at all. For example, spending Bitcoin using Taproot could make a transaction in a Lightning Network channel, a peer-to-peer transaction, or a sophisticated smart contract become indistinguishable. Anyone monitoring one of these transactions would see nothing but a peer-to-peer transaction. It's worth noting, though, that this doesn't change the fact that the wallets of the initial sender and final recipient will be exposed.
The Taproot proposal was first unveiled by Bitcoin Core developer Greg Maxwell in January 2018. As of October 2020, Taproot has been merged to the Bitcoin Core library after a pull request created by Pieter Wuille. For the upgrade to be fully deployed, node operators must adopt Taproot’s new consensus rules. Depending on how this unfolds, the activation could take months.
Taproot is expected to be implemented along with another upgrade called Schnorr signatures. This not only makes Taproot's implementation possible but also enables a much-anticipated feature called signature aggregation.
As we’ve already discussed, Taproot will bring major improvements to Bitcoin’s privacy. When combined with Schnorr signatures, Taproot may also boost efficiency when performing transactions. Besides enhanced privacy, other potential benefits include:
Taproot is a highly anticipated and widely supported upgrade to Bitcoin. If it gets implemented along with Schnorr signatures, we will see significant improvements in terms of privacy, scalability, security, and more. These upgrades can also generate more interest around the Lightning Network and encourage multisig to be more of an industry standard.
Regardless of your involvement in the Bitcoin community, the added benefits of improved privacy, efficiency, and security will likely impact your experience using Bitcoin.
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