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- Bitcoin’s Taproot update has finally commenced
- The upgrade is long overdue
- Activation to occur in November if 90% of users agree
It has been touted as a long due upgrade conducted by BTC in years. Coindesk.com reports that the update will make Bitcoin multi-signature transactions economical, private, and easier to deploy. From today miners who are amenable to the up[dates can signal their support by including detailed data named ‘signal bit’ in the blocks they mine.
If 90% of the blocks are mined in the difficult period, the update is approved for activation. It will happen sometime in November this year.
Decentralized Structure makes operation complex. The difficult period is from now till August.
When any upgrade is effected in any centralized network, it is done unilaterally and at once. However, a decentralized network like Bitcoin requires coordination across the global network. If some change has to be made in the codes, it will require extensive coordination between all the stakeholders before any changes can be made. It is pretty evident by the time it takes (Months to year-long discussions ) to have a consensus of how to bring it online.
The final go ahead
Coindesk.com reports that Taproot could be on Bitcoin’s blockchain before the holiday season if everything goes as planned. However, there is a big if-if the network is unable to achieve a 90% threshold before the final whistle, the upgrade fails, and we are back to square one. However, most miners are optimistic about the update and have expressed their support for Taproot. Pooling VP Alejandro del la Torre, credited with running the mining pool survey to gauge the support for Taproot, told coindesk.com that it is now more of a matter of when rather than if, and he is confident that it will happen.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
