The Bitcoin network is in the news today after it just activated Taproot, one of its most significant updates since 2017.
The update will also add something known as Schnorr signatures, which essentially makes multi-signature transactions unreadable, according to Bitcoin miner Alejandro De La Torre.
The previous SegWit upgrade was aimed at resolving transaction malleability, while improving the scalability of the Bitcoin network.
On the question of optimization, Key and Signature Aggregation will now allow for the aggregation of public keys and sigs.
Smart Contracts: #Bitcoin Script has a 10kbyte size limit which will be removed, allowing for vastly larger scripts, aka Taproot contracts.
The upgrade was set into motion only after attaining a 90% consensus among the Bitcoin mining nodes on 12 June.
The present update, however, won’t magically “improve the network’s capabilities and privacy overnight.” It will take a little bit of time.
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