Bitcoin’s Taproot Update is Now “Locked In”, Expected to Launch in November

The Taproot upgrade is now “locked-in” for implementation after over 90% of mined blocks announced support over a 2016-block period. Taproot is a soft fork that will also bring enhancement to Bitcoin scripting functionality and its privacy. Complex transactions comprising multiple signatures will be impossible to differentiate from simple transactions.

Moreover, those applications that utilize time-locked contracts will also advantage from enhances privacy. It has been disclosed that the complex Bitcoin deal will be affordable because they will be signified with fewer data. Additionally, Miners who voted in favor of Taproot announced their aid through information encoded in the blocks they mined.

Furthermore, the upper limit for “locking in” the Taproot upgrade was hit when more than 90% of the blocks mined within a 2016-block period hinted support for Taproot. Additionally, Bitcoin market capitalization reached over $700 billion. Therefore, modification to the protocol is not taken casually and is thoroughly evaluated before being applied.

Taproot is preparing to activate at block height 709,632, which is anticipated to be mined sometime in November this year. Until then, Bitcoin node operators will have to upgrade their Bitcoin Core client or other Bitcoin application to a version that supports the Taproot .activation