Over the weekend, bitcoin enthusiasts huddled around their screens as they waited for miners to mine Bitcoin block 709,632.
Before Taproot, Bitcoin did have native smart contract capabilities because Bitcoin transactions could be programmed to time payments when certain constraints are met or missed.
In addition, Taproot improves the usability of what are known as Discreet Log Contracts which can be used to construct more complicated Bitcoin smart contracts.
A relatively popular cartoon that surfaces around important times in Bitcoin’s history, such as around the halving, does a great job showing this.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.