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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 a proposed and agreed ] change in the transaction format of ]. '''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>


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>
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* Benefits for the Lightning network: More flexibility, privacy enhancement, lower costs * Benefits for the Lightning network: More flexibility, privacy enhancement, lower costs


==References==
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>
{{reflist}}




] ]

Revision as of 13:13, 19 June 2021

Soft fork change in the transaction format of Bitcoin

Taproot, is the name used for a proposed and agreed soft fork change in the transaction format of Bitcoin. The fork adds support for Schnorr signatures, and improves functionality of Smart contracts and the Lightning Network. The fork will take effect in November 2021.

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

References

  1. Sigalos, MacKenzie (2021-06-09). "Bitcoin just got its first makeover in four years". CNBC. Retrieved 2021-06-15.
  2. All Bitcoin Improvement Proposals, including BIP340
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