This is an old revision of this page, as edited by Gpkp (talk | contribs) at 06:32, 16 June 2021 (Added {{Uncategorized}} tag). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.
Revision as of 06:32, 16 June 2021 by Gpkp (talk | contribs) (Added {{Uncategorized}} tag)(diff) ← Previous revision | Latest revision (diff) | Newer revision → (diff) 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
 | This redirect has not been added to any content categories. Please help out by adding categories to it so that it can be listed with similar redirects. (June 2021) |