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Revision as of 13:18, 2 July 2021 editGötz (talk | contribs)Extended confirmed users, Rollbackers4,004 edits Add "Critics" section. Minor style changes and wording WP:CRYSTAL← Previous edit Revision as of 13:22, 2 July 2021 edit undoGötz (talk | contribs)Extended confirmed users, Rollbackers4,004 editsm Filled in 1 bare reference(s) with reFill 2Next edit →
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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 ]. 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><ref>{{Cite news|last= Locke|first=Taylor|date=2021-06-14|title=7 key things that happened in crypto over the past week|language=en-US|work=CNBC|url=https://www.cnbc.com/2021/06/14/7-key-things-that-happened-in-crypto-over-the-past-week.html|access-date=2021-06-23|issn=}}</ref> Bitcoin Improvement Proposal numbers BIP340, BIP341, BIP342 are collectively known as Taproot.<ref></ref> '''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><ref>{{Cite news|last= Locke|first=Taylor|date=2021-06-14|title=7 key things that happened in crypto over the past week|language=en-US|work=CNBC|url=https://www.cnbc.com/2021/06/14/7-key-things-that-happened-in-crypto-over-the-past-week.html|access-date=2021-06-23|issn=}}</ref> Bitcoin Improvement Proposal numbers BIP340, BIP341, BIP342 are collectively known as Taproot.<ref>{{Cite web |url=https://github.com/bitcoin/bips |title=All Bitcoin Improvement Proposals, including BIP340 |date=2021-06-01 |via=GitHub}}</ref>


== Taproot advantages == == Taproot advantages ==

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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.

Taproot advantages

  • Complex transactions, such as those requiring multiple signatures or those with delayed release, are indistinguishable from simple transactions in terms of on-chain data.
  • Reduced transaction costs: The data size of complex Bitcoin transactions is reduced, which leads 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

Critics

On May 2021 in an interview to Edward Snowden, he expressed concerns about Taproot potentially not improving privacy, making forensic sort of flow analysis easier. Main Bitcoin developers and privacy advocates disagreed with his assessment.

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". 2021-06-01 – via GitHub.
  5. Bitcoin Privacy Feud Erupts After Edward Snowden Pans Long-Awaited Taproot Upgrade, Decrypt, 2021-05-10, retrieved 2021-06-02
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