The “quick trial” lock-up period for the Bitcoin network upgrade Taproot has now been completed. The data from taproot.watch details that the lock has been achieved, it is locked at block height 687,285 and mined by the mining pool Slushpool.
Bitcoin master root locked at block height 687,285 completed
- Taproot will arrive in November this year, because the portal taproot.watch indicated that the signal lock-up period has ended. “This time has reached 1815 Taproot signal blocks, which is necessary for locking.”
- Taproot upgrade is Considered This is one of the biggest upgrades in four years since Segregated Witness (Segwit) was launched in 2017.
- Poolin executive Alejandro De La Torre tweeted about the milestone after the signal was completed. “Taproot is locked”, De La Torre Say“Excellent working miner. Congratulations to Bitcoin. The Bitcoin protocol upgrade will now be activated in November.
- Compared with Bitcoin’s current elliptic curve digital signature algorithm (ECDSA), after activation in November, Taproot addresses will be able to use Schnorr signatures. Since Schnorr signature is more compact than ECDSA, it can improve scalability.
- In addition to the expected scalability improvement of Taproot activation, other features include more complex BTC smart contracts and decision-based transactions. In addition, it is said that Taproot and Schnorr signatures can also provide more privacy during transactions.
- Taproot enhancements also include the ability for BTC participants to utilize Merkle trees.
- Bitcoin Core version 0.21.1 and above will be able to upgrade to Taproot in November. It will take about five months for miners and other node operators who want to transition to Taproot.
- However, Taproot is a soft fork, which means that similar to Segwit, network participants do not necessarily have to upgrade to a new rule set.
- Nikita Vassev, the founder of 13exchange, was pleased with the completion of the lock and tweeted about this landmark moment on Twitter. “A lot of work has been done on activation,” Vassev wrote on Friday. “The way I joined the swimming pool has left a deep impression on me. This is our common achievement.”
What do you think about the upgrade of the Bitcoin protocol to Taproot in November this year? Please tell us your thoughts on this topic in the comments section below.
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