Bitcoin’s Taproot upgrade, which is the first upgrade to the crypto asset in four years, was recently approved by miners around the world.
These features are already available in other different coins and as it has been a successful experiment in them so far, it is even getting copied in bitcoin, which is the world’s popular and widely spread cryptocurrency,” he said.
Early adopters of blockchain, and especially bitcoin, have advocated the huge potential of the technology.
Bitcoin, despite being the most popular crypto, had its last major upgrade four years back.
Moreover, bitcoin is a public blockchain, and anyone can monitor the transactions that occur on the network, which is a cause of concern for many.
It will be switched over to the ‘Schnorr signatures’ that will make the simpler transactions potentially indistinguishable from complex transactions.
Smart contracts can be used for almost any trivial financial transaction such as paying utility bills to pay rent, among others.