Bitcoin Completes Taproot Soft Fork Upgrade

The Taproot upgrade brings features to the network that helps data and transactional efficiency in addition to improvements in privacy.

By
Anirudh Tiwari
on
November 15, 2021
Category:
Breaking News

Lightning Network to get a Boost

The Bitcoin network has successfully executed the Taproot upgrade on 04.10 UTC on Nov. 14. The Taproot soft fork was the first update to the network since the Segregated Witness (SegWit) upgrade 4 years ago, which led to the launch of the Lightning Network in 2018. 

One of the Bitcoin core contributors, Gregory Maxwell originally proposed the Taproot upgrade back on Jan 23, 2018. The proposal reached a 90% consensus amongst all the Bitcoin nodes earlier in June this year, as Hampus Sjöberg, another Bitcoin core contributor revealed through a Twitter post

The Taproot upgrade bring two main features to the Bitcoin network, each of them serving a different purpose:

  • Merkerlized Abstract Syntax Tree (MAST) - Enhances data efficiency be eliminating the storage of unnecessary transactional data on the network.
  • Schnorr Singatures - Provides tarnsactional anonymity and improves the privacy of the network.
Source: Exmo

The combination of MAST and Schnorr Signatures would act as a boost to the Lightning Network as they push censorship further by masking whether the transaction is using a MAST structure thus, improving privacy and anonymity on the network. 

As previously reported by BscNews, El Salvador announced it acceptance of Bitcoin (BTC) as legal tender in the country. Strike, a Lightning Network based Strike wallet, played an important role in this monumental move and has boosted the usage of the Lightning Network significantly since.


About the Bitcoin Network

Bitcoin is the first peer-to-peer digital currency network that sprung into existence after Satoshi Nakamoto conceptualized in the original whitepaper released in 2008. The network’s native token, Bitcoin (BTC) has since held its stead ad the premier cryptocurrency token that often dictates the price movements and sentiment of the entire market. BTC currently trades at $65,928, with a market capitalization of $1.24 trillion, as per data from CoinMarketCap.

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Anirudh Tiwari

Anirudh is a cryptocurrency analyst and writer who specializes in derivatives, DeFi, regulations and CBDCs. He has a Master’s degree in Finance. Before delving into crypto, he worked with a leading U.S. based investment bank. Apart from work, he is a music connoisseur and likes to play the drums.