It should be mentioned that two of the largest Bitcoin mining pools by hash rate — AntPool and F2Pool — have been major proponents for this upgrade from the very beginning.
Furthermore, Taproot also proposes significant privacy promises — i.e., it seeks to make all transactions look the same to everyone except the transacting parties.
Back in 2017, Bitcoin underwent a hard-fork, resulting in the creation of a new cryptocurrency called Bitcoin Cash .
In cryptography, a Schnorr signature is easily “provably fair” and is functionally superior to conventional logarithmic signatures, which are routinely faced with intractability-related issues.
“From an ecosystem perspective, I view Taproot as an all-in attempt by the Bitcoin devs and community to finally make the Lighting network a mainstream payment platform,” Yaffe added.
He does believe, however, that the “under the hood” changes that will come as a result of this update will make the Bitcoin network way more functional and competitive.
Lastly, Siddharth Menon, co-founder and chief operating officer of cryptocurrency exchange WazirX, told Cointelegraph that since 2010, the latest Taproot upgrade has been highly anticipated and stands to have a positive impact on the currency.
Per Bitcoin’s community consensus, the aforementioned Taproot activation will only be given the green light if 90% of all mined blocks include an activation signal within a difficulty adjustment window .
As of May 7, a total of 327 signaling blocks have emerged in the current window, while miners responsible for 610 blocks have chosen not to include a “signal bit.” The “no” votes issued by these miners currently account for 30% of the 2,016 blocks in the current difficulty window.