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Miners around the world have just approved the most significant upgrade in four years of bitcoin. Bitcoin network will set to activate in November. It will improve transaction privacy, efficiency, and security. It also increases the competitiveness against Ethereum.
Most miners have approved the bitcoin upgrade. This upgrade is called “Taproot,” which represents the first significant upgrade to Bitcoin's code since 2017. Although this upgrade has been approved, the bitcoin network will activate in November. Due to they have to do bulk testing before the integration of Taproot to avoid errors in the upgrading process. Miners and other node operators who want to transition to Taproot have to upgrade “Bitcoin Core versions 0.21.1,” the latest version during this period.
Currently, the signature scheme of bitcoin was the "Elliptic Curve Digital Signature Algorithm" (ECDSA) which is created from the private key and ensures that the rightful owner can only use Bitcoin. When activated in November, Taproot addresses will leverage Schnorr signatures that are more compact, improve scaling, allow more privacy when transacting, and allow more complex BTC intelligent contracts.
Taproot is a soft fork that is similar to Segwit. However, compared to the last upgrade in 2017, Taproot has more miners' support this time, in part because these changes are step-by-step improvements to the code.
