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TAPROOT; The Latest Bitcoin Upgrade

TAPROOT is an upgrade in bitcoin network, which intends to reduce transactions fee and improve the privacy. This upgrade is one of the biggest bitcoin updates since 2017, after its blockchain hard fork.

TAPROOT upgrade

Bitcoin network is consisted of computer codes. Therefore, when a transaction is sent, coins are really connected to a script. These commands inform the blockchain what you can do with them. This means, by using a private key, you prove that you can spend your coins.

However, transactions may not be that simple. These complex transactions usually require multiple signatures or must pass a waiting period of time before the coins can be spent. When it is spread through the network that coins have been spent, all the scripts will be made public on the blockchain. That’s why all the details of the transaction parties will be disclosed.

Using TAPROOT, all parties can cooperate to integrate the complex transactions to seem as standard peer-to-peer ones. This is done by the integration of public keys in order to create a new one as well as signatures.

On the other hand, bitcoin miners should signal whether they support TAPROOT or not. The upgrade will occur when %90 of mined blocks contain the information of a miner called “signal bit”. If this did not happen, then miners will have another two weeks to try again. This would last till August 11th. When done, then TAPROOT will be launched in November.

It should be noted that currently, 55% of bitcoin hash rate implies the support for TAPROOT upgrade.

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