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| {{Short description|Soft fork change in the transaction format of Bitcoin}} | {{Short description|Soft fork change in the transaction format of Bitcoin}} | ||
| '''Taproot''', is the name used for |
'''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> | Bitcoin Improvement Proposal numbers BIP340, BIP341, BIP342 are collectively known as taproot.<ref></ref> | ||
Revision as of 23:23, 15 June 2021
Soft fork change in the transaction format of BitcoinTaproot, is the name used for a proposed and agreed soft fork change in the transaction format of Bitcoin.
Bitcoin Improvement Proposal numbers BIP340, BIP341, BIP342 are collectively known as taproot.
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