Wednesday, August 4

Bitcoin’s Taproot Update Approved, Update to Happen in November 2021

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Bitcoin (BTC) Taproot has received 90% approval for its update. The update will open new possibilities for the amount of data, privacy, security and scaling on the blockchain.

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Taproot, the most important development in the Bitcoin protocol after years, now has sufficient mining support.

According to the parameters set by the “Speedy Trial”, if at least 90% of the blocks mined in any of the specified 2-week difficulty periods “pointed” their support for the upgrade, the activation process would begin. To be more precise: Of the 2,016 blocks mined over a period of time, 1,815 should contain a small piece of coded information indicating that the miner who mined that block favors the upgrade.

In this second challenge period, block 687284 met this criterion. By the time the challenge period ends on Sunday, Taproot is likely to signal that more than 99% of blocks definitively are in favor of the update.

Screenshot 2021 06 12 15.47.51

Taproot is Bitcoin’s most anticipated upgrade since SegWit in 2017. While SegWit’s main focus is scaling the Bitcoin protocol, Taproot will equip Bitcoin with a new signature scheme known as Schnorr signatures. This minor tweak to the Bitcoin code will open up new possibilities for privacy, multi-signature wallets, and security and scaling.

Now that the threshold has been crossed, the end of this challenge period on Sunday will mark the completion of the first phase of the Quick Trial.

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