Bitcoin’s biggest upgrade taproot since 2017

  • This upgrade will introduce what’s called Schnorr signatures-which will help Bitcoin transactions become more private, efficient, and cost-efficient.
  • With Taproot coming into the picture, multiple transactions could be done to a Bitcoin wallet, which can be hashed under one transaction and can be useful for streamlining various applications, such as enabling transactions to happen from multiple parties to one wallet.
  • Schnorr signatures used by the Taproot upgrade will also reduce the amount of data needed for multi-signature transactions, which are more complicated to process than standard ones.

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