Bitcoin underwent a significant upgrade in the form of Taproot on 14 November enabling it to execute complex operations such as smart contracts more seamlessly. The development, a first in four years, brings the oldest cryptocurrency in closer competition to Ethereum and widens its use cases.
It includes Schnorr, a new digital signature scheme which is designed to make Bitcoins more secure and efficient. Privacy is ensured by not divulging details of the nature of transactions and making multi-signature transactions unreadable.
What to know about Bitcoin receiving Taproot upgrade?
This basically means that complex transactions such as those requiring multiple signatures can be made to appear like normal transactions on the Bitcoin protocol via the Schnorr digital signature. As a result, users can gain greater privacy since keys are not exposed on the blockchain as much as they previously did in transactions requiring multiple signatures.
“Taproot…