What is the Bitcoin Taproot Upgrade?

What does this upgrade aim to do?

BIP 340: Replacing the Elliptic Curve Digital Signature Algorithm (ECDSA) with Schnorr Signatures.

Understanding Schnorr Signatures

BIP342: Introducing “Tapscript”

Improved support for smart contracts

Summing it up….

  1. The Taproot Soft Fork involves the activation of Schnorr Signatures, MAST and MuSig2 and adoption of Tapscript.
  2. Schnorr Signatures equip the Bitcoin network with batch validation and smaller signatures, thus requiring lesser computational resources. It also provides the ability to execute multi-sig scripts as single-sig scripts. Thus making Lightening Networks more privy.
  3. MAST enhances privacy by revealing only the actually executed part of the script to the blockchain.
  4. Bitcoin users shall get significant freedom in constructing and utilising Smart Contracts on the network, due the introduction of the above stated upgrades and TapScript, that make Smart Contracts cheaper, smaller and easier to run.
  5. TapScript includes the changes made to Script, the Bitcoin scripting language, in order to make semantics of certain opcodes within the scripting language compatible with the newly introduced upgrades.
  6. These upgrades are intended to enhance the privacy, security and scalability of the Bitcoin network.

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LetsKrypto

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Your Crypto Companion! Learn more about Cryptocurrency and Buy, sell, trade and pay with cryptocurrency to anyone, anywhere, anytime! Go to letskrypto.com

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