Bitcoin: New and Improved Protocol “Taproot” May be Out This Year

Our society is slowly shifting towards adopting the use of cryptocurrency for different purposes, such as trading, payment for goods and services, and also for investment. Innovation is happening. Improvement for technologies has begun. BTC is the world’s biggest cryptocurrency today and there are some big changes due to happen in the next five months.

Bitcoin announced recently that they are about to launch big improvements after four years; the year in which the cryptocurrency exploded. The most significant improvement implemented by Bitcoin, “Taproot” – an improved Bitcoin protocol and mining support – will be launched by November.

The integration of “Taproot” was proposed by Bitcoin Core developer, Gregory Maxwell in January 2018. The Taproot is the most awaited upgrade that will give Bitcoin transactions better security, reliability and scalability via smart contracts. Based on Bitcoin’s core approval process, “1,815 out of 2,016 blocks mined within a certain period must include a little piece of encoded information that indicates that the miner who mined that block is in favor of the upgrade.” This means most of the bitcoin miners are for the improvement of Bitcoin.

According to the news, Taproot is expected to make “smart contracts cheaper and smaller, in terms of the space they take up on the blockchain”, using Bitcoin’s new signature scheme called Schnorr signatures, which provides more privacy. After the first phase, Taproot is currently beginning its Speedy Trial phase. The network has to achieve a 90% threshold, or else the project will fail and they’ll be back to square one.

This is great news, particularly as improvements for Bitcoin lead to a greater experience for miners and investors. Leaning towards advanced development could help Bitcoin to retain its ranking over other cryptocurrencies.

ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.

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