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| 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> | 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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Revision as of 06:32, 16 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
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