Activated on Sunday, the Taproot Upgrade is designed to promote Bitcoin’s privacy, security and scalability while giving developers a larger toolbox to bring new projects to light.
Between the locked-in date and the activation day over the weekend, miners and node operators were able to upgrade to Bitcoin Core version 0.21.1, the latest version of the software program that determines which blocks contain valid transactions.
These digital signatures combine the public keys from multiple user addresses into a single aggregate public key, removing the need for multiple public keys and signatures that would bog down the network.
By October 2020, Taproot’s codebase had been merged into the Bitcoin Core through three Bitcoin Improvement Proposoals written by Jonas Nich, Tim Ruffing, A.J.
George Kaloudis, research analyst at CoinDesk, detailed in his report on Taproot that the upgrade could hit obstacles such as a low adoption rate and its potential to fracture the bitcoin community.
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