Cryptocurrency enthusiasts around the world are rejoicing as Bitcoin’s newest update is set to go live. The new Taproot system will make transactions more secure and cheaper for consumers, but that's not all it does! With an increase in privacy protection by up to five times over previous versions of BTC along with added security measures such as two-factor authentication, users should feel a lot safer about storing their coins on exchanges or wallets.
Miners who are interested in adopting the upgrade can signal their interest by including special data, called a “signal bit” with each block they mine. If 90% of blocks mined during this trial period include the Taproot Signal Bit, then miners will have succeeded and we will likely see activation this coming November.
Decentralized networks like Bitcoin are a bit more complex compared to a centralized network that can be changed without a consensus. This is good for people who want to have full control over their cryptocurrencies but the downside is making changes to the network requires coordination from a global user base and intensive coordination among stakeholders.
If things go as planned and a consensus is reached by at least 90% of miners Bitcoin’s Taproot will be live on the blockchain before this coming winter. If Taproot consensus cannot be reached we are back to square one, though that is unlikely. Taproot is quickly gaining support from the mining community.
"I am confident it will happen," said Poolin VP Alejandro del la Torre, "up to now there has not been one complaint from our miners at Poolin about our wish to upgrade to Taproot."
Even though there is apparent growing support for Taproot, every innovative change throughout history has been met with resistance and this is no exception. It seems most people agree the update is necessary but how to execute the update seems to be a controversial topic.
Regardless of the Reddit arguments, overall It seems increasingly likely Taproot will activate successfully by November 15th - Anyone wishing to track its success rate per period go to https://taproot.watch !
