Miners to Vote for Bitcoin's Ambitious Update

in LeoFinance2 months ago

If the miners agree to update before the next difficulty adjustment, Bitcoin is 1787 blocks away from being more private and scalable.

After several years of development, the long-awaited Taproot update is ready to go. Miners will decide whether to apply the Taproot update or not.

Taproot is a Bitcoin "soft fork" that integrates Schnorr cryptographic signatures, an alternative signature method to ECDSA (Elliptic Curve Digital Signature Algorithm) currently implemented on the network. This upgrade allows, in very simple terms, the generation of some kind of master key to summarize a number of signatures in a single signature.

In this way, when there is a lot of transfer demand on Bitcoin, the network becomes more efficient, cheaper and easier with the Taproot update.

This practice hides the number of participants involved in the Bitcoin transaction, opening the door to a variety of methods of incognito.

Taproot eases the load on the network and reduces the processing area by at least 20%. This increases the throughput per second and significantly reduces fees.

In addition, since the Taproot application will allow the development of smart contracts, it is obvious that the network will be adopted even more. For this reason, it would not be wrong to say a big step for Bitcoin.

Taproot Voting Results

Miners must update their "nodes" and, if they accept, submit their approval for Taproot. The voting period had been for the latest network difficulty adjustment.

Posted Using LeoFinance Beta