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Msg  38 of 45  at  6/1/2021 10:18:36 AM  by

Palestone


Taproot upgrade to Bitcoin

From and ARK-Invest Newsletter:

Taproot, a Highly Anticipated Bitcoin Software Upgrade, Is Nearing Activation

By Yassine Elmandjra & Nishita Jain | @yassineARK & @nishitaARK
Analyst & Research Associate

The Bitcoin network is one month into its signaling period for Taproot, the most highly anticipated and well-supported Bitcoin upgrade since SegWit in 2017. In January 2018, Bitcoin Core developer Greg Maxwell proposed Taproot to increase the privacy and efficiency of Bitcoin transactions. Along with Schnorr signatures, another upgrade that will improve Bitcoin’s digital signature scheme, Taproot should make Bitcoin transactions indistinguishable whether they are on a Lightning Network channel, peer-to-peer, or in complex smart contracts.

To be activated, miners responsible for 90% of the blocks mined during this two-week difficulty epoch must signal support for the Taproot upgrade. This epoch is the third of six possible signaling periods. As of this writing, more than 90% of hash rate has mined one or more blocks signaling support for Taproot but only 77% of blocks have signaled support during this epoch. With only 129 blocks remaining in this epoch, the Taproot activation might have to wait for one of the next three epochs. If it were to fail by the end of the sixth epoch, developers will have to pursue an alternative activation strategy like a user-activated soft fork.

You can follow along Taproot’s path to activation here.

 


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