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Bitcoin: Taproot Large Scale Soft Fork Activated
A major update has been activated on the Bitcoin network aimed at improving the privacy, efficiency and scalability of the blockchain in the long term
Nov 15, 2021
1 min read
Anna BakkerNews analyzer

The first cryptocurrency practically did not react to these innovations, trading just above 64 thousand dollars.

The soft fork occurred on Sunday on block 709 632 mined by the F2Pool mining pool. This is the largest update to the Bitcoin network since the Segregated Witness (SegWit) protocol was activated in August 2017.

Taproot includes several important technical improvements, the main one being the implementation of the Schnorr signature scheme and the MAST concept. Taproot has been in development for several years.

In June 2021, 98% of miners supported Taproot activation, indicating its importance to the community. In September, a new version of the popular Bitcoin Core client (v 22.0) was released, which includes support for updates.

Currently, only about 53% of the nodes on the bitcoin network support the upgrade. Others use outdated software and therefore do not have access to new features.

Bitcoin developer Humpus Sjöberg says that updates of the scale like Taproot happen "once every 100 years." A soft fork will potentially lower network fees, open up new opportunities for smart contracts, and provide developers with an expanded set of tools to create new solutions.

“This is a revolutionary moment for Bitcoin. I see no reason why BTC should not grow after a successful technical implementation that will lead to further diffusion, ”said Dong Guo, CEO of Broctagon Fintech Group.

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