Everything You Need to Know about Bitcoin Taproot Upgrade

An introduction to the Bitcoin Taproot upgrade, its impact on the Bitcoin blockchain, and its projected release date.Concerns about Bitcoin’s environmental impact and scalability issues have been surrounding the crypto sphere for a while now. However, a new Bitcoin upgrade called Taproot will significantly revolutionize the Bitcoin blockchain’s infrastructure. The expectations and results with this Bitcoin upgrade will begin a new movement for the entire crypto and blockchain space.This article takes a closer look at the Bitcoin taproot upgrade, the new features and advantages of the Bitcoin blockchain, and its projected release date.Four years after the ‘last civil-war upgrade,’ the Taproot update has now been approved by crypto miners worldwide. The update is projected to be fully functional in November 2021. The Bitcoin taproot update allows higher efficiency and complete privacy while making transactions.With this update, the Bitcoin blockchain will also be able to unlock the functionality of smart contracts. The Taproot upgrade of Bitcoin would ensure smart contracts run efficiently and at a much cheaper cost. Until now, smart contracts were running only on the Ethereum network as it allows higher efficiency.Contrary to Bitcoin’s last upgrade in 2017 called the ‘last civil war,’ Taproot has almost universal support as these changes show incremental advancement in the code. Taproot includes the Lightning Network and the Schnorr signatures as its new best features.Let’s take a look at the significant changes in the blockchain network with the taproot update.Privacy — The taproot can make complex transactions like those that require multiple signatures or those with delayed-release. Taproot promises to enhance privacy through simple indistinguishable transactions in terms of on-chain footprint. However, this does not mean Bitcoin enhanced anonymity.Lower transaction costs — The data size of the various complex Bitcoin transaction would be reduced, and hence the cost of transactions made would be…