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Taproot (fork)

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This is an old revision of this page, as edited by Ysangkok (talk | contribs) at 14:27, 16 June 2021 (removed Category:Bitcoin clients; added Category:Bitcoin using HotCat). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Revision as of 14:27, 16 June 2021 by Ysangkok (talk | contribs) (removed Category:Bitcoin clients; added Category:Bitcoin using HotCat)(diff) ← Previous revision | Latest revision (diff) | Newer revision → (diff) 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.

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

  1. All Bitcoin Improvement Proposals, including BIP340
  2. "bitcoin wiki page about the Taproot proposal".
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