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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}}


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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. The upgrade will add privacy features to 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

References

  1. Sigalos, MacKenzie (2021-06-09). "Bitcoin just got its first makeover in four years". CNBC. Retrieved 2021-06-15.
  2. Kharif, Olga (2021-06-15). "Bitcoin to get more privacy features in Taproot update, making it harder to trace payments". Bloomberg. Retrieved 2021-06-23.
  3. Locke, Taylor (2021-06-14). "7 key things that happened in crypto over the past week". CNBC. Retrieved 2021-06-23.
  4. All Bitcoin Improvement Proposals, including BIP340
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