Taproot is the proof that Bitcoin is evolving and that it is getting better block by block.
Here’s something to think about. Did you know? Bitcoin is the first and only truly decentralized technology that powers today’s most innovative monetary system. While things are seamless, we must also understand that any change to the system requires consent and approval from the entire bitcoin network community. This includes Miners, protocol developers, wallet developers, HSM developers, retail users, institutional users, exchanges, custodians, etc. Thus, making an upgrade is a big deal and so is Taproot. The Bitcoin network has activated Taproot, thus opening doors for the future of innovation in the Bitcoin world.
The technical concept of Taproot activation is a bit tricky as it requires high technical knowledge to understand it in depth. We won’t bore you with the technical details of the Taproot up-gradation, whose network is activated at the block height of 709,632 and is carried out by BIP341 and BIP342.
Now, let’s get to the point as to why the Taproot upgrade is important for everybody. For any blockchain project, three things that have to be maintained are Security, Scalability, and Decentralization. Bitcoin has done pretty well in all three, but as technology evolves the network has to evolve along with it. Taproot just did that by improving privacy, efficiency, and flexibility.
With Taproot, you can now write more complex Smart Contracts on Bitcoin Network
As bitcoin and crypto are evolving, it is not just changing the financial industry, but also every other industry. When Bitcoin first evolved, the idea was to make payment peer-to-peer without any intermediaries, but today we have Ethereum, Cardano, and many other blockchain ecosystems that can be used to build other blockchain projects.
Smart contracts are nothing but automatic execution protocols on if-then conditions. This is a big deal as many blockchain projects like decentralized finance (DeFi), dApps, and NFTs are nudging the industry towards becoming mainstream. Smart contracts will play a major role in this and Bitcoin networks will now allow their users to write more complex ones.
The transaction is getting more private on Bitcoin Network
Privacy is an important matter and when it comes to your finances it supersedes everything else. Taproot improves the privacy of Bitcoin by revealing just the standard transaction involving multiple addresses, instead of revealing all possible conditions for spending your bitcoin. This provides greater anonymity and privacy for transactions involving multiple signatures. This may not be a huge concern for most people, but as Bitcoin and blockchain technology advocate for privacy, more self-sovereignty, and freedom, getting the transactions more private is a big thing. This cannot be achieved through regular banks.
The Speed and Efficiency of every Bitcoin transaction are getting better.
The most important feature of the Taproot activation is — speed and efficiency. Instead of all possible conditions for spending your bitcoin, only the standard transaction involving multiple addresses is revealed, counting for fewer data to process and store. This helps the transactions work more efficiently, consuming less energy and increasing the speed of transactions. The speed and efficiency of transactions are becoming less expensive, thus helping the future of the bitcoin network, as the fees are bound to reduce.
Ignore the noise and stick to the principles, Taproot just laid down the foundation for the future of innovation in the Bitcoin Network.
Changes are hard to make, but it opens doors for innovation. The activation of Bitcoin block 709,632 which is the taproot up-gradation, happened after more than four years from the last network update. This was a huge achievement for the entire bitcoin network community. When one looks at the history and ignores the unnecessary noise, you will see that Bitcoin has proved itself from time to time. For a more detailed coin analysis, Unocoin has one of the best crypto analytical platforms called InTotheBlock which analyzes and breaks down the most important aspects of any cryptocurrency for you. Sign up and get a bonus of 100 INR worth of Bitcoin for reading till the end.
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