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| {{Short description|Soft fork change in the transaction format of Bitcoin}} | |||
| '''Taproot''', is the name used for a proposed and agreed ] change in the transaction format of ]. | |||
| Bitcoin Improvement Proposal numbers BIP340, BIP341, BIP342 are collectively known as taproot.<ref></ref> | |||
| == Summary of what Taproot will achieve == | |||
| * Complex transactions, such as those requiring multiple signatures or those with delayed release, indistinguishable from simple transactions in terms of on-chain data. | |||
| * Reduce transaction costs: The data size of complex Bitcoin transactions will be reduced, which will lead to lower transaction fees. | |||
| * Support for more complicated conditions for a transaction via new type of signature. | |||
| * Benefits for the Lightning network: More flexibility, privacy enhancement, lower costs | |||
| More details about the Taproot proposal on the bitcoin wiki <ref>{{cite web|url=https://en.bitcoin.it/Taproot_activation_proposals|title=bitcoin wiki page about the Taproot proposal}}</ref> | |||
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