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Revision as of 23:22, 15 June 2021 by Gnubyexample (talk | contribs) (make plural)(diff) ← Previous revision | Latest revision (diff) | Newer revision → (diff) Soft fork change in the transaction format of BitcoinTaproot, is the name used for an implemented 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