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Bitcoin Taproot Upgrade Is On The Horizon, Will It Propel BTC Price To $100k?

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Nov 13, 2021

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Highlights

    Crypto enthusiasts remain electrified, as the much-awaited Taproot upgrade launch nears.

    The upgrade holds immense potential to revolutionize Bitcoin’s network.

The star crypto has been waiting for a major upgrade to its network, which has been limiting the network’s growth. Making way for newer protocol’s foray and leading evolving ventures of blockchain technology. Despite being the largest and oldest crypto, Bitcoin lacks behind networks such as Ethereum, Solana, Polkadot among others. In terms of scalability and utility.

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Consecutively, the networks have attained supremacy in evolving sectors such as decentralized apps, and NFTs. The long-pending upgrade will empower the network to rage towards its use cases. Taproot upgrade will help the network overcome its shortcomings.

This Is How Taproot Will Redefine Bitcoin’s Legacy!

The due upgrade is arriving four years after the previous SegWit upgrade goes live. Taproot is a major upgrade for the platform, which has been under development ever since the inception of Bitcoin. The timeline of the upgrade initiated from the 23rd of January 2018 to this date.

 

The upgrade will empower developers with the necessary tools to work towards building Bitcoin’s network to greater levels. The update is set to go live on Bitcoin at block 709,632 this weekend. Taproot holds Schnorr Signatures at its roots, making transactions smaller. And brings in multi-signature scripts which together improve scalability. 

Taproot further increases the scalability limit of the script, by not necessitating the user to reveal the entire script when in use. Meanwhile, privacy remains of utmost importance, as the update enables the ability to create all kinds of conditional situations where coins can be spent by other parties. It will also use the new witness version one to distinguish from older transactions.

In addition, the tapleaf version allows the buried scripts in Merkelized Abstract Syntax Trees (MAST) to upgrade witness versions. But also without having to upgrade witness versions. Further, the details of smart contracts can be hidden, which is a big move towards privacy.

Collectively, the Taproot upgrade aims at empowering Bitcoin protocol to a much faster, cheaper, and private network. While dissolving the limitations of scalability and utility. However, adoption could still remain a long way home, as wallets supporting the update would fetch considerable time. The taproot upgrade will help the network venture into the evolving tech like dApps, De-Fi, and NFTs. 

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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