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It’s Official: Bitcoin Network Welcomes Taproot Upgrade…Details Here

It’s Official: Bitcoin Network Welcomes Taproot Upgrade…Details Here

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Answer It’s Official: Bitcoin Network Welcomes Taproot Upgrade…Details Here

We previously mentioned in a previous article on Bitcoin Arab about the approaching date of the “Taproot” upgrade that carries the concept of “Merkelized Abstract Syntax Tree” or (MAST) to improve the scripting capabilities and privacy of the Bitcoin network.

Hours ago, the Bitcoin (BTC) network successfully activated the “Taproot” upgrade after a consensus of 90% of miners and mining pools between blocks 709,488 and 709,632.

This achievement marks Bitcoin’s first major upgrade since August 2017, which saw the launch of its flagship Layer 2 Bitcoin solution, the Lightning Network and Segregated Witness (SegWit).

Like we said, the Taproot upgrade aims to improve the scripting capabilities and privacy of the Bitcoin network.

To do this, the upgrade introduces the concept of an abstract “Merkelized Syntax Tree (MAST)”.

Read:A set of non-fungible “Bored Yacht Ape” tokens sold for $24 million

According to the website dedicated to the “Taproot” promotion, it is run by a prominent Bitcoin developer.Hampus Sjöberg“:

“MAST can help make smart contracts more efficient and private by only revealing relevant parts of the contract when spending.

Activating Taproot shows that Bitcoin can perform network upgrades again, which is very important for the longevity of the Bitcoin network.

He added:

I think this is the biggest win.

Sjöberg, who is also a developer of a Blixt wallet running on the Lightning networks, believes that the Taproot upgrade allows off-chain capabilities to be explored, so as not to put too much strain on the network’s Bitcoin nodes.

Additionally, Sjöberg believes that MAST could also help improve the privacy of the older Lightning network if Lightning apps choose to adopt Taproot.

In the nearly 13 years of Bitcoin’s existence, the Bitcoin network has undergone many hard and soft, community-led splits.

While the Taproot upgrade has yet to prove its value, the Lightning Network continues to reach new heights.

On September 28, the Lightning Network saw a 160% increase in the number of nodes in a 12-month period as well as a 170% increase in the number of channels since January 2021.

Read:Bitcoin consumes as much electricity as Switzerland and the impact on the climate is still small

As of November 11, the capacity of the Bitcoin network prior to the “Taproot” split was at an all-time high of 3,220 BTC, worth approximately $210 million.

Read also:

A Sydney suspect has been arrested in connection with a global cryptocurrency scam

Learn about the impact of the “London” upgrade on the scarcity and supply of Ethereum



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