Taproot Upgrade For BTC Just Took A Major Step Forward

People who are reading the Bitcoin price news daily tend to focus on price and forget many other things happening in the BTC ecosystem. A great example for that is the Taproot upgrade – a privacy and scalability tweak which could turn out to be one of the largest upgrades for the cryptocurrency to date.

On Tuesday, we saw Pieter Wuille who is a Bitcoin Core contributor and the mind behind the Taproot upgrade, submitting a work-in-progress code change to the GitHub project in what is known as a “pull request” in which he showed that the code is ready for more developer eyes.

“Merging this is obviously conditional on getting community support for the proposal. It’s opened here to demonstrate the code changes that it would imply,” he wrote.

What does this all mean?

Well, submitting a pull request to the code for Bitcoin Core does not mean that the change is official – but is a key step in the making. Many in the Bitcoin community are now excited about the upgrade, but the process has been mostly happening behind closed curtains. Wuille’s recent “pull request” pushes it into the spotlight and signifies that the code is closer to ready.

Several Bitcoin developers have already left review comments on the Taproot upgrade and showed their enthusiasm about the new change. A key part of the proposal is Schorr, a cryptographic signature scheme for proving ownership of coins.

By using Schorr, the Taproot upgrade adds smart contract capabilities to Bitcoin which would strengthen privacy.
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For instance, the transactions which are open and the close payment channels on the lighting network allow speedier transfers on small amounts and would not look much different from normal transactions.

The cryptonews also show that there is still a lot of work to do and while many scrutinize the code and look for improvements or errors, some developers are debating the best way for the decentralized and global network to adopt the change with as few roadblocks as possible.

Today, BTC is trading above $8,490 and showed that it can still rise to new heights, especially with the 1.50% increase on the day. In the altcoin news and updates, we can see that Bitcoin SV (BSV) is leading the way with 6% gains on the day and a new price of $268.58.