Taproot, the long-awaited code upgrade of Bitcoin that majorly focuses on improving the security and privacy of the network, has now been activated.
This upgrade activation went live at 5:15 UTC time on Sunday 14th November 2021 as Bitcoin blockchain got to block 709,632 which F2Pool mined and replayed. That has definitely put in motion the first significant upgrade to the Bitcoin network’s code following the initiation of Segregated Witness in the year 2017.
As it was earlier explained, Schnorr signatures were introduced by Taproot of which can execute more complex transactions on the Bitcoin network– for instance; those transactions from multi-signature wallets to appear like just any other kind of transaction, thereby enhancing the security and privacy of the transactions.
This Schnorr signatures switch has also had implications for Bitcoin network scaling because the upgrade caused by Taproot swaps out the ECDSA framework cryptographic.
In the early period of this year 2021, Bitcoin mining pools mined blocks of about 1,815 that were supporting the signal of the Taproot upgrade, which properly locked in the timely-programmed block height at which the soft fork would happen.