Bitcoin the first cryptocurrency created in the year 2009, the first well-known application of blockchain technology, is going to experience the most innovative historical up-gradation in the Crypto world.
The new technology that is going to puzzle most of the people outside the realm of cryptography, is called “Taproot”
Please don’t panic it’s just a technology that is going to upgrade Bitcoin’s implementation.
There are two significant upgrades proposed to be implemented on 15th November 2021. at 12:00 UTC on Block height 709632.
The first one is “Taproot”.
The second is Schnorr signature update.
I believe it’s time for a quick Q&A.
what is “Taproot”?.
“Taproot” is a term that refers to a new technological up-gradation for the upcoming protocol update of Bitcoin.
since the 2017th SegWit, upgrade this is the most anticipated update.
this “Taproot” technology will boost up the scripting capabilities and privacy of locking the transactions. this can be achieved by replacing the existing Pay to script hash (P2SH) with Merkelized Abstract Syntax Tree (MAST).
now let me brief what is (P2SH) and (MAST)?
Pay to script hash (P2SH) is open to other users to see the transaction conditions. On the other hand, Merkelized Abstract Syntax Tree (MAST) prevents all other users from viewing the conditions of a transaction.
This will allow the Lightning Network channel transaction to look like a normal Bitcoin transaction.
now let me brief what is Lightning Network channel?
in simple terms, a Lightning Network (LN) is a common wallet that makes the transaction faster and cheaper by charging lower fees per transaction.
what is Schnorr signature update?.
Schnorr signature update is a signature algorithm that will replace the existing ECDSA signature confirmation method.
what is the use of Schnorr signature update?
currently used signature confirmation method ECDSA supports single signature confirmation for every transaction made in Bitcoin, Schnorr signature update supports multiple signatures as one single signature, This will reduce the transaction size and fees without compromising the privacy of the transaction.
Based on the tweets of traders, many people around the world are expecting a positive trend in Bitcoin due to this update.
So let’s rock and roll Bitcoin and get rich.
Please feel free to comment.
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