Twitter boss and crypto fan Jack Dorsey mentioned Taproot on social media – this is Bitcoin’s upcoming upgrade.
He recently dropped a new tweet that features a link to the Taproot activation page that is showing the progress of the king coin’s update.
Regarding the price of Bitcoin, at the moment of writing this article, BTC is trading in the red and the digital asset is priced at $55,276.11.
Anyway, check out Dorsey’s tweet below.
— jack (@jack) May 2, 2021
Taproot Bitcoin upgrade
As the online publication the Daily Hodl notes, Taproot is a soft fork aiming to enhance Bitcoin’s privacy measures, smart contract flexibility, and ability to mask complex transactions on the blockchain.
It’s also worth noting the fact that this is the first major upgrade since Segwit (Segregated Witness) in 2017.
The same online publication mentioned above notes that according to Binance, Taproot will help Bitcoin owners “cloak” the methods used to increase the privacy of BTC transactions.
“In fact, Taproot makes it possible to hide the fact that a Bitcoin script ran at all. For example, spending Bitcoin using Taproot could make a transaction in a Lightning Network channel, a peer-to-peer transaction, or a sophisticated smart contract become indistinguishable. Anyone monitoring one of these transactions would see nothing but a peer-to-peer transaction,” according to official notes.
Taproot is currently in its “Speedy Trial” phase.
The official notes also reveal that “BIP9 and Speedy Trial is a soft fork deployment method where the miners and mining pools help to coordinate the deployment of a soft fork. They do so by signalling for the deployment of the soft fork in their mined blocks. To lock in the softfork for activation, 90% of the blocks have to signal.”
More than that, it’s also important to note the fact that “The signalling method works in periods of 2,016 blocks, meaning that within a 2,016 block period, 90%, or 1,815 of the 2,016 blocks have to signal for readiness.”