The most critical update for Bitcoin in recent years is being voted, attention is on these numbers!

Bitcoin is about to roll out Taproot update.

The most critical update for Bitcoin in recent years is being voted

A historic day for Bitcoin. The Taproot update, which has been developed for the last few years, is ready to go live.

Bitcoin miners community will decide whether to apply the Taproot update or not.. Voting has begun.

What is taproot? Why is it important?

Taproot is a Bitcoin soft fork integrating Schnorr cryptographic signatures, which is an alternative signature method to ECDSA currently implemented in the network.

The update is simply a set of signatures. It allows the creation of a kind of master key to hash in a single signature.

This way, it will become more efficient, cheaper, and easier to perform multi-signature multiple-entry transactions (UTXI) on Bitcoin.

Furthermore, the update hides the number of participants involved in a Bitcoin transaction and opens the door to various methods of anonymity.

An important benefit of Taproot will be that it eases the load on the network.. Taproot is expected to reduce processing space by at least 20%. In this way, Bitcoin’s transaction capacity can increase, while there may be a reduction in transaction fees.

Finally, there are experts who see the Taproot update as the start of the smart contract development process on the Bitcoin blockchain.

As it stands, the Taproot update is an important step towards a more private and more scalable Bitcoin.

The future of Bitcoin is in the hands of miners

Miners’ voting for the update has begun. Voting will continue in 2016 block. If 90% of miners approve the update during this process, the Taproot update will go live in November of this year.

So far, only 10% of miners have approved the update.. However, let us remind you that 87.56% of the blocks have not been opened yet.

For approval status, you can visit Taproot Watch.

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