Bitcoin miners have given the green light for the biggest update Bitcoin will see in recent years. The Taproot update, which began voting at the beginning of May, was approved this afternoon and will be rolled out in November 2021.
The voting process for Taproot ended successfully at 3:04 PM. Speedy Trial At least 2,016 blocks are required to seal the Taproot update, which was opened to vote via at 90% (1,815 blocks) should have voted yes. F2Pool cast the final vote required to be sealed.
If this rate could not be achieved, the process would be restarted after waiting for a while. At the last Speedy Trial to be held at the end of summer still not confirmed, it would be necessary to find a new way to implement this update.
Considering that MaraPool later changed its mind, it can be said that not only BTCPool and several other unknown mining pools support Taproot. Apart from that, the total hash rate in the Bitcoin network almost 99%, Taproot’tan yana.
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Quick info about Taproot update
The word ‘Taproot’, in English tap-root It means. The roots of plants such as beans, carrots and large trees are pile roots and, as is known, they extend into the soil. The ‘Taproot’ update in Bitcoin is also in plain sight right now. some transaction information, it will ‘bury it under the ground’, in other words, it will cover and hide it.
Taproot, a soft fork, was developed by Gregory Maxwell in January 2018. as a proposal presented.
taproot; It is seen as the biggest update on the Bitcoin network after the Segregated Witness (SegWit) update that took place in 2017.
What is the intended problem with this update?
Currently, when any transaction is made on the Bitcoin network, the coins used in this transaction are linked to a script. This process under what conditions What to do is also dictated by this script.
This script is kept secret to a certain extent thanks to the hash called P2SH (pay to script hash). But these coins you spend moment, (since the blockchain is a publicly accessible structure), those coins scriptini de You make it accessible to everyone on the blockchain. Therefore, it can be seen under what conditions these coins are spent.
This causes 2 problems: 1) Data load occurs due to these transactions, 2) What kind of wallet you use etc. can be seen.
How does the Taproot update solve this?
taproot; It comes with a signature scheme known as Schnorr. The schema was developed by the mathematician Claus Schnorr.
Schnorr to merge with the Merklized Alternative Script Tree (MAST); parties involved in a transaction your keys bring together and reveal threshold switch issues a new key known as
The signature (signature aggregation process) that emerged again thanks to the Schnorr scheme; made between the parties complex operations It even makes it look like it’s a normal operation.
This is what we mean by the pile root metaphor: Taproot keeps secret the details that make complex transactions on the Bitcoin network “complicated”.
What is the benefit, when does it start to be applied?
The Taproot update will lighten the data load on the Bitcoin blockchain.
Especially applications such as CoinSwap and the Lightning Network protocol are expected to be positively affected by this update.
Transactions made through the Lightning Network or using an advanced smart contract will be indistinguishable from other transactions on the network.
taproot; It will lighten the data load on the Bitcoin network, increase the number of transactions per block and indirectly contribute to lower transaction fees, make smart contract use more efficient and provide Bitcoin users with greater privacy than they currently are.
Update sealed today, in November 2021 will be actively used.