December 4, 2021

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countdown! Taproot is running on the Bitcoin network today

by Angel Di Matteo Tweet embed

According to various data sites, everything seems to indicate that taproot, The long-awaited update for BitcoinAnd Finally the day comes.

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The long-awaited update of the network BitcoinTaproot It will take place in the next few hours and everything seems to indicate that it will finally be this Saturday 12th November.

countdown to root

Site Surveys nicehash Recently made reveals that the update may come at 1:00 UTC today, which coincides with the information provided by Taproot.watchAnd Which also indicates that there are only a few blocks left for this to be effective.

It is important to note that, though root Already receiving the support of the mining community earlier this week, another 800 blocks were needed to effectively activate the functionality.

Which consists root?

as, root It’s a network update suggestion BitcoinAnd That will improve the same ability to create scripts, in line with other network proposals such as Ethereum Which has properties associated with creating smart contracts.

In addition to the above, root It also brings the ability to hide complex transactions in Blockchain from BitcoinAnd Which provides the digital currency with greater privacy in the operations executed, accompanied by reducing its size through a system Vermas Schnorr.

big change

As said in other posts, root It will become one of the most important changes to be implemented in the network Bitcoin Since 2017 segwit, Only this unlike this event will be soft fork A light update that brings operational improvements to the protocol.

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Under this method, a new voting mechanism is also implemented to approve this type of change, without the need for heated debates or endless disagreements about the future of BitcoinWhich eventually led to alternative versions supported by those who felt connected to these visions.

Price predictions

But beyond the technological subject experts, the expectations about the arrival root Generating strong expectations among digital currency enthusiasts and investors, who expect this to be the next step in helping its price reach all-time highs in the coming weeks.

It is worth noting that this week Bitcoin It strongly approached the barrier of $69,000 per unit, but in recent days it has fallen again in what is considered a correction, trading at this time at around $64,300 per unit.

For now, we just have to wait and see what the repercussions of this update really will be on a market level. When it’s 7:30 AM in New York, the price of Bitcoin (BTC) It’s at $63,465, 0.99% lower than yesterday, so the news reversal doesn’t seem relevant, at least for now.


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Source: encryption

Angel Di Matteo Edition / Daily Bitcoin

picture Unsplash