Bitcoin is upgrading. Taproot has locked in!
The biggest #Bitcoin update in four years has just been approved by miners around the world. It is called Taproot, and it’s due to take effect in November.
The Taproot upgrade has achieved the first significant milestone on the road to activation as 90% of the #Bitcoin (BTC) mining hash rate signaled for the protocol improvement within the current difficulty epoch.
Taproot is a soft fork that improves Bitcoin’s scripts to increase privacy and improve upon other factors related to complex transactions. Transactions on the #Bitcoin network can use various features that make them more complex, including timelock releases, multi-signature requirements, and others.
Schnorr signatures consist of a cryptographic signature scheme developed by Claus Schnorr – a German mathematician and cryptographer. Even though Schnorr had his algorithm protected under a patent for many years, the patent officially expired in 2008. Among a number of benefits, Schnorr signatures are primarily known for their simplicity and efficiency in generating short signatures.
