The “Speedy Trial” blocking period for the Bitcoin network upgrade Taproot has now been completed. Data from taproot.watch show that the lock-in was reached and that it was locked at block height 687.285 and dismantled by the mining pool Slushpool.
Bitcoin Taproot lock-in completed at block height 687,285
- Taproot is coming this November as the taproot.watch web portal shows that the signaling lock-in phase has ended. “This period has reached 1815 taproot signaling blocks, which are required for lock-in.”
- The taproot upgrade is considered one of the biggest upgrades in four years since Segregated Witness (Segwit) was activated in 2017.
- Poolin manager Alejandro De La Torre tweeted about the milestone after the signaling was complete. “Taproot has locked himself in,” De La Torre said. “Excellent work miners. Congratulations Bitcoiner. The upgrade of the Bitcoin protocol should now be activated in November.
- When activated in November, Taproot addresses can use Schnorr signatures in contrast to Bitcoin’s current elliptical curve digital signature algorithm (ECDSA). Since Schnorr signatures are more compact than ECDSA, the scaling could be improved.
- Other features besides the scaling increase expected from Taproot activation include more complex BTC smart contracts and decision-based transactions. In addition, it is said that Taproot and Schnorr signatures also allow more privacy in transactions.
- Taproot improvements also include the ability for BTC participants to use Merkle trees.
- Bitcoin Core versions 0.21.1 and versions above this version can be upgraded to Taproot in November. Miners and other node operators who want to switch to Taproot have about five months.
- Taproot, on the other hand, is a soft fork, ie similar to Segwit, network participants do not necessarily have to upgrade to the new rule set.
- 13exchange founder Nikita Vassev was delighted with the lock-in deal and tweeted about the milestone on Twitter. “An enormous amount of work has been done on activation,” Vassev wrote on Friday. “I was impressed with how the pools got together, and that is our mutual success.”
What do you think of the Bitcoin protocol update on Taproot this November? Let us know what you think on this matter in the comments below.
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