If you have been in the Bitcoin space or ecosystem for some time you all might have heard about taproot.
But have you tried understanding it, if not then this article is for you.
Let’s dive in, The Bitcoin network has undergone one of the biggest upgrades in its history.
The Taproot is a most significant Bitcoin upgrade and as we all know every upgrade brings new features, privacy, security, and scalability to the software it is the same with Bitcoin.
The main objective of Taproot is to make Bitcoin faster, more efficient, and more private. The upgrade brings a higher level of privacy, security, and scalability to the network. It reduces the storage of transaction data on Bitcoin’s network which allows Bitcoin to accommodate complex smart contracts and also makes it more scalable.
Taproot components
- Schnorr Signatures
- MAST (Merklized Alternative Script Tree)
- Pay-2-Taproot (P2TR)
If I want to keep it in simple terms, Taproot is an upgrade to the Bitcoin blockchain which improved key elements of its functionality.
FYI, The last upgrade to Bitcoin was SegWit in 2017.
https://chandanrajpurohit.dev/2022/04/03/worlds-first-cryptocurrency-bitcoin-part-1/
Thank you for reading this article, I really appreciate it. If you have any questions, feel free to leave a comment.
