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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 ]. The fork adds support for ]s, and improves functionality of ]s and the ]. The fork will take effect in November 2021.<ref>{{Cite news|last=Sigalos|first=MacKenzie|date=2021-06-09|title=Bitcoin just got its first makeover in four years|language=en-US|work=CNBC|url=https://www.cnbc.com/2021/06/12/bitcoin-taproot-upgrade-what-it-means.html|access-date=2021-06-15|issn=}}</ref> The upgrade will add privacy features to bitcoin.<ref>{{Cite news|last= Kharif|first=Olga|date=2021-06-15|title=Bitcoin to get more privacy features in Taproot update, making it harder to trace payments|language=en-US|work=Bloomberg|url=https://www.bloomberg.com/news/articles/2021-06-15/bitcoin-network-approves-privacy-update-as-scrutiny-increases|access-date=2021-06-23|issn=}}</ref> | |||
| 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 | |||
| ==References== | |||
| {{reflist}} | |||
| ] | |||
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