What is Bitcoin Taproot Upgrade?


Crypto king bitcoin will be undergoing a significant upgrade after 4 years

The Taproot upgrade is one of the most anticipated network upgrade of the bitcoin block chain

Bitcoin taproot is the most important upgrade happening  in 4 years after segwit

Bitcoin taproot aims to enhance privacy, scalability and security by upgrading bitcoin scripts

This upgrades are made possible by combining a upgrade with a algorithm called schnorr signatures


What Is Taproot and how will it work ? 

Taproot is a soft fork of bitcoin's source code that aims to boost bitcoin's scripts and increase speed, privacy and provides boost to its complex transactions

Transactions happening on the bitcoin block chain aren't private and can be viewed using bitcoins public ledger

Taproot upgrade aims to enhance this issue by shielding transactions with a complex algorithm and using multiple features

Bitcoin block chain network can use multiple features  like time lock release and multiple signature permission

Taproot will bring the privacy needed on the block chain network by cloaking transactions into multiple parts and merging all of them into one

Taproot upgrade will divide one transaction into multiple parts were the in built complex transaction features will come into play

The transaction made on the network will look as one transaction but will work as multiple which is a win win situation for the bitcoin community

The Taproot proposal was first proposed by bitcoin core developer named Greg Maxwell in January 2018 

In 2020 the proposal was added into bitcoin core library by Pieter Wuille

The Taproot will only happen if the community adopts it mainly miners

To implement the Taproot upgrade node operators and miners has to adopt the soft fork and  new consensus rules

Taproot was recently adopted by all the node operators and upgrade will be activated by November

Taproot upgrades are going to be   implemented together with another upgrade called Schnorr Signatures 


Why Schnorr Signatures needed?

Schnorr signatures is cryptographic signature algorithm that was developed by Claus Schnorr  

Claus schnorr  a german cryptographer created the algorithm and kept the algorithm protected

The signature algorithm was secured under a patent for several years but expired in 2008 with number of advantages

Schnorr signatures can successfully produce short signatures that are really helpful for the taproot upgrade

Schnorr signature is a simple but secure signature algorithm that may help bitcoin taproot upgrade succeed

Schnorr signature will bring multiple keys under a transaction and produce one single simple signature key


How the upgrade will help bitcoin?

Taproot the most important upgrade of the bitcoin block chain network after 4 years

The improvement upgrade includes -

- better security of the network

- reduced amount of data stored 

- lower transaction fees

- higher transaction per second

- higher transaction speed

- advance algorithm under simple signature

Taproot also will fix the scary double spend problem and secure the network from malicious attacks