Taproot will enable a solution called MAST , which is meant to allow smart contracts to be more efficient and private by revealing only the relevant parts of the contract when spending, while the rest remains hidden.
In combination with Schnorr signatures, Taproot will let users mix transactions made by complex wallets with those using only single signatures, therefore letting anyone hide their use of multisig.
First proposed by Bitcoin Core contributor and former Chief Technology Officer of major blockchain firm Blockstream Gregory Maxwell in 2018, the upgrade was confirmed back in mid-June this year, after it had passed the minimum threshold of 90% miner approval, resulting in a November implementation.
As the event is nearing, users online are urging all relevant parties to update their nodes.
Taproot is approaching at the time when BTC is appreciating, nearing its all-time high of USD 67,276 .