11 hours ago | 2 minute read Bitcoin News
- two-month delay was meant to allow for testing.
- Alejandro De La Torre says that the Taproot will include Schnorr’s signatures.
re has been no bitcoin update in four years. In a rare case of stakeholder agreement and somewhat out of the ordinary, the main root update was triggered for the world’s most popular cryptocurrency. Taproot update improves privacy and transaction efficiency. In addition, it also allows smart contracts, which can eliminate intermediaries.
Unlike the 2017 Bitcoin update, which was dubbed “the last civil war” due to the ideological gap between supporters. Taproot enjoys near-universal support, in part because the code changes are minor.
Significant signatures of Schnorr
Digital signatures, like the unique fingerprints left in each transaction, are transforming Bitcoin. elliptic curve digital signature algorithm creates a signature from the private key of a bitcoin wallet. refore, ensuring that only the rightful owner can spend bitcoins. To make multi-signature transactions unreadable, bitcoin miner Alejandro De La Torre claims that the main root will include Schnorr’s signatures.
Antonio Pompliano, a leading analyst, tweeted about the Taproot update and applauded the developers, miners, and investors who made it possible.
Taproot update for Bitcoin has been officially activated.
Congratulations and thanks to all the developers, miners, and Bitcoiners who made this possible. ️
– Bomba (@APompliano) November 14, 2021
In addition to being smaller and faster than ECDSA, Schnorr’s signatures are also ‘linear’, increasing transaction privacy and enabling lighter and more complicated ‘smart contracts’.
After all, the bitcoin community decided to upgrade in June, but it wasn’t until November. two-month delay, intended to allow testing and minimize the likelihood of a problem during the upgrade. According to MonedaMarketCap, the price of Bitcoin today is $ 64,663.13 USD with a 24-hour trading volume of $ 29,866,782,295 USD. Bitcoin has grown by 1.20% in the last 24 hours.
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