Taproot, the long-awaited update of the Bitcoin network (BTC), with a focus on improving network security and privacy, has been activated.
The update started when the blockchain Bitcoin arrived at block number 709,632, at 2:15 am, Brasília time, this Sunday (14).
The block was issued and mined by F2Pool. Block mining enabled the first major update to the network’s code since “Segregated Witness” in 2017.
Taproot introduces Schnorr Signatures, which can handle more complex transactions over the network – just like those in wallets with multiple signatures – and make them look like any other transaction, thereby improving transaction privacy and security.
The move to Schnorr signatures also has implications for network scalability, as the Taproot update replaces the Elliptic Curves Digital Signature Algorithm (ECDSA) encryption framework.
Earlier this year, at least 1,815 blocks were mined by bitcoin mining pools that supported Taproot.
When the minimum amount of supporters for the update was reached, the moment in the block when the fork (“soft fork”) would happen was programmed to happen effectively.
Source From: Moneytimes
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