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BITCOIN TAPROOT UPGRADE

Bitcoin Taproot upgrade Bitcoin has successfully activated the Taproot soft fork, with regards to the census of 90% from minners and mining pools between blocks 709,488 and 709,632.

The aim of the Taproot upgrade is to improve the scripting capabilities and privacy of the Bitcoin network. The concept of the merkelized Abstract Syntax Tree (MAST) was introduced by the soft fork in order to help achieve their aim

Hampus Sjoberg a prominent Bitcoin developer and also a developer of Bitcoin lightning wallet, Blixt wallet said “MAST can help make smart contracts more efficient and private by only revealing the relevant parts of the contract when spending.

In an interview sjoberg also believes that the Taproot upgrade allows exploring off-chain capabilities, so as to not put too much burden on Bitcoin nodes of the network. The developers of the various lightning nodes implementations met in Zurich, Switzerland just few weeks ago at the LN summit 2021 to discuss possible upgrade paths.

However, the successful activation of Taproots is attributed to speedy Trial, a software development method that requires 90% of the miners to signal the deployment of the upgrade. Back in June 2021, the Bitcoin miners achieved a 90% consensus for the first time.

Bitcoin’s network capacity prior to Taproot soft fork was at an all time high of 3,220 BTC, nearly worth $210million.

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