Bitcoin is rejuvenated and updated
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The activation of the soft fork called Taproot on the Bitcoin chain, which occurred last Sunday, November 14, marks the possibility that the currency could continue its ascent and break the high of $69,044 marked last November 10.
It represents the first change to the main cryptocurrency's protocol since the introduction of Segwit in August 2017, improving the privacy, scalability and security of the system and increasing the speed of transactions.
It will also simplify the execution of smart contracts, which will improve the currency's competitiveness vis-à-vis the latest decentralized systems.
Taproot is made up of the implementation of 3 components, which are:
Schnorr's BIP340 optimizes transactions, increases speed and reduces costs.
BIP341 developing SegWit updates and making it difficult to track users using and introducing MAST technology
BIP342 which reforms the scripting language and changes the way signatures are validated.
In order to make this update possible, 90% of the miners were required to support it, and this was solved last June, thus demonstrating the universal support for the currency.
According to other analysts the update could mean a price crash if the update turns out to have a "bug" that could compromise the security of the system, as it did in 2013 when Bitcoin briefly split into 2 chains, but according to expert analysts this will not happen as the update has been thoroughly reviewed for months.
What is certain is that the Bitcoin market is getting younger and promises to bring future surprises for its buyers.
Hi @joseeph1956
I have not read very thoroughly about this change they made, but if it is aimed at improving speed and allowing smart contracts to be implemented it is an excellent change, more than necessary, because considering that there are so many other blockchains that allow it, this could be the plus point that the mother chain needed.