Bitcoin’s Taproot Enters Testnet

Total
0
Shares

Although the Taproot Bitcoin (BTC), major upgrade is often the focus of the media, there was a more significant development that seems to have gone unnoticed – the activation of the testnet.

Athony Towns and other Bitcoin developers confirmed Taproot was activated successfully on the testnet last Wednesday.

Taproot can be used on the testnet before activation on mainnet set November.

One month after Taproot support was locked in, support from Bitcoin nodes hovers around 28% according the Taproot Signal Twitter account. Over 70% of BTC nodes are still not updated to support Taproot activation.

There has been a lot of discussion on Twitter, Reddit, and Reddit, in particular, over these percentages. But many argue that Taproot is a softfork so these updates don’t necessarily have to be done.

Taproot is a Bitcoin softfork that will improve privacy and scripting capabilities. It comes bundled with Schnorr which is a softfork that increases privacy, speed, and encrypts multiple keys into one.

Bitcoin Core Project published Bitcoin Core 2.0. This released January and allowed for experimentation with Taproot, the then-new test network for Bitcoin. It added a signature requirement to validate blocks.

According to reports, the biggest upgrade to SegWit since 2017 was initiated with Speedy Trial. This gave miners three months to indicate readiness to enforce this upgrade.

In June, the confirmed softfork was published.

BTC trades at USD 32.597 at 13:38 UTC and is down 2.5% per day and 4% per week.

Leave a Reply

Your email address will not be published.

You May Also Like