Taproot Update In Bitcoin Will Be Ready To Be Locked In The Following Hours

The Taproot update, which will offer scalability, privacy and security advantages in Bitcoin, will be ready in a few hours.

In Bitcoin, the Taproot update will be ready to be locked in the following hours. Known as Bitcoin's biggest update since the SegWit launched in 2017, Taproot will be ready to in the next few hours once it receives approval from the minimum required number of miners. However, the update process will start over the weekend if nothing goes wrong. As is known, the activation process is done with the rules of a soft fork system called Quick Trial, where miners and mining pools coordinate the update. According to this; 90 percent of the blocks mined within a two-week period were supposed to contain a signal bit that indicates that it is ready for Taproot. If a support of more than 90 percent came after two weeks, Taproot would be locked for three months. According to the data provided by Taproot.watch, Taproot signal is required for more than 28 blocks and the current signal rate was 98.35 percent at 09.55 CET. The fact that this rate is over 90 percent indicates that Taproot will be locked. Afterwards, Taproot rules will be officially implemented for a three-month period and activation will take place in November.

Great Success for Bitcoin

Andreas Antonopoulos, who has been a Bitcoin trainer for years and is now a well-known name in the BTC world, also stated that the Taproot update has been very successful so far. Antonopoulos, who tweeted yesterday, said: “Taproot will be locked in the next 36 hours for November activation. This is a great success for Bitcoin. Taproot offers us a second signature algorithm (Schnorr) and very important privacy features. It's also a big success for the 'Quick Trial' activation model, which completed the lockdown in less than eight weeks…” With the Taproot update, the amount of data transferred and stored on the Bitcoin blockchain will decrease. However, the transaction fee will decrease and more transactions will be packed in one block. This will increase the processing capacity per second.