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Bitcoin's Taproot Upgrade: What You Should Know
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investopedia.comBitcoin (BTCUSD) recently implemented the most important upgrade on its network in the past four years. Termed Taproot, the upgrade is meant to streamline the processing of transactions and make them more efficient in speed and cost.The last change to the cryptocurrency's network ended in a «civil war» of sorts and resulted in the creation of bitcoin cash (BCSHUSD), a new cryptocurrency. However, the Taproot upgrade is not a contentious one.
Here is a brief primer on Bitcoin's latest upgrade.
Quite simply, the Taproot upgrade batches multiple signatures and transactions together. Digital signatures are required on Bitcoin's network to verify transactions. They are generated using private keys and are validated against public keys.
Before
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