For Bitcoin (BTC)’s large upgrade Taproot, a meeting for implementation was held on the 23rd. Coinpost reported this on the 25th.
Taproot is an upgrade that can be expected to improve network scalability (scalability, block size debate, speed related) and privacy. At this meeting, it was predicted that it will be activated around November 15, 2021 as a future plan.
It is known that Taproot was integrated into the network-based software “Bitcoin Core” in October of last year, and it is very close to realization.
In a survey conducted by cryptocurrency media “TheBlock” to more than 100 investors, analysts, and corporate executives, Taproot and the upgrade of Schnorr signature required for it ranks in the top 3 of the topics that focus on 2020. Taproot is a high-profile upgrade that leads to the enhancement of the Bitcoin network.
Schnorr signature is the process of generating an encrypted private key required for storing or transacting bitcoins using a digital signature method different from the existing one. It is mainly expected to improve network scalability and privacy by reducing the size of data and reducing the size of signature data in blocks.
In January of this year, it was revealed that 90% of the mining pool responsible for the hash rate (mining speed) was in favor of the installation, and preparations are proceeding smoothly for the upgrade. Currently, discussions are mainly on the installation method.
[About the future prospects]
At the meeting, it was confirmed that there was no objection to adopting a method called’Speedy Trial’ for implementation. This roughly refers to a way to test Taproot’s activation with a focus on speed, whether it succeeds or fails, without sacrificing safety.
This time, installation starts at around 13:00 UTC on May 7th (22:00 KST), and if the Speedy Trial is successful, it will be activated around November 15th after a preparation period of about 6 months. A plan that could be done was proposed.
The beginning of May is the standard and is still liquid. In addition, a method of activating Taproot based on the block height is under review.
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.