The most important update from Bitcoin Taproot has just been released

The most significant Bitcoin Taproot update has just been released and it’s the biggest since 2017 as we read more on the latest Bitcoin news today.

The long awaited upgrade to the BTC network is here and with the new Taproot protocol protecting privacy on the BTC blockchain by masking complex transactions and it’s here to make them cheaper and easier. The most important update of Bitcoin was blocked on June 12th and seven years have passed. Taproot combines complex transactions with simple transactions without having to scale on the blockchain.

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Taproot does this by simply replacing Bitcoin’s signature protocol with Schnorr signatures, and these are faster signatures that improve the privacy of Bitcoin transactions and help implement easier smart contracts.

This is good for Bitcoin as it enables multi-signature transactions that require more signers to allow transactions at the same time, which is cheaper and easier to do. Better use of Bitcoin’s finite space makes this blockcahin more scalable.

Taproot is the biggest update to BTC since SegWit in 2017, and the following update fixed a number of bugs that allowed it to process more transactions in blocks and lay the foundation for Layer 2 payment channels like Lightning. Today’s update shows a shift behind the current one, as the steps prior to the upcoming Taproot upgrade were activated in June and the network then created a wait for the nodes to upgrade to the new version of  Core. As with all things on BTC, upgrades are meaningless unless the community uses them, and now developers can build more on Taproot.

As recently reported, the total crypto market cap has hit a new record as both ETH and BTC posted new highs with ADA gaining 12% in the past 24 hours. Bitcoin managed to hit a new low of $ 67,000 and hit a new high of $ 69,000 in less than three weeks, and Ethereum followed suit and hit a new high at the same time. Cardano hit a new high as it rose 12% overnight. Three days ago, the main cryptocurrency was struggling with around $ 60,000 and the community wondered if it would stay above that level for much longer. A lot could change in the markets over the next few days as instead of falling below $ 60,000, BTC attacked and began to rise rapidly.