Bitcoin, the world’s most valuable cryptocurrency, has now received its biggest upgrade since 2017, called Taproot.
Interestingly, Taproot is the biggest upgrade in Bitcoin’s network after the Segregated Witness , upgrade in July 2017 that addressed scalability issues.
However, with Taproot coming into the picture, multiple transactions could be done to a Bitcoin wallet, which can be hashed under one transaction and can be useful for streamlining various applications, such as enabling transactions to happen from multiple parties to one wallet.
It is worth noting that at the moment, the Bitcoin network can handle about four to five transactions per second, and transaction fees can swell to $75 or more.
Schnorr signatures used by Taproot upgrade will also reduce the amount of data needed for multi-signature transactions, which are more complicated to process than standard ones.
“Taproot will also introduce MAST , which will make it more difficult to trace and analyze Bitcoin transactions,” the Cryptobrief report added.
Meanwhile, the Bitcoin price today is $65,839.47 with a 24-hour trading volume of $26,667,305,809.