Taproot lock-in achieved – Bitcoin network activates biggest upgrade in four years – Bitcoin News

The “Speedy Trial” blocking period for the Bitcoin network upgrade Taproot has now been completed. Data from taproot.watch show that the lock-in was reached and that it was locked at block height 687.285 and dismantled by the mining pool Slushpool.

Bitcoin Taproot lock-in completed at block height 687,285

  • Taproot is coming this November as the taproot.watch web portal shows that the signaling lock-in phase has ended. “This period has reached 1815 taproot signaling blocks, which are required for lock-in.”
  • The taproot upgrade is considered one of the biggest upgrades in four years since Segregated Witness (Segwit) was activated in 2017.
  • Poolin manager Alejandro De La Torre tweeted about the milestone after the signaling was complete. “Taproot has locked himself in,” De La Torre said. “Excellent work miners. Congratulations Bitcoiner. The upgrade of the Bitcoin protocol should now be activated in November.

Taproot lock-in achieved - Bitcoin network activates Activate, largest upgrade in four years

  • When activated in November, Taproot addresses can use Schnorr signatures in contrast to Bitcoin’s current elliptical curve digital signature algorithm (ECDSA). Since Schnorr signatures are more compact than ECDSA, the scaling could be improved.
  • Other features besides the scaling increase expected from Taproot activation include more complex BTC smart contracts and decision-based transactions. In addition, it is said that Taproot and Schnorr signatures also allow more privacy in transactions.
  • Taproot improvements also include the ability for BTC participants to use Merkle trees.

  • Bitcoin Core versions 0.21.1 and versions above this version can be upgraded to Taproot in November. Miners and other node operators who want to switch to Taproot have about five months.
  • Taproot, on the other hand, is a soft fork, ie similar to Segwit, network participants do not necessarily have to upgrade to the new rule set.
  • 13exchange founder Nikita Vassev was delighted with the lock-in deal and tweeted about the milestone on Twitter. “An enormous amount of work has been done on activation,” Vassev wrote on Friday. “I was impressed with how the pools got together, and that is our mutual success.”

What do you think of the Bitcoin protocol update on Taproot this November? Let us know what you think on this matter in the comments below.

Tags in this story

2016 Blocks, Activation, Andreas Antonopoulos, Bitcoin, Bitcoin (BTC), Blixt Wallet, BTC Miner, Hampus Sjöberg, Jimmy Song, Miners, Miners Activate, Schnorr Signatures, Signaling Period, Soft Fork, Speedy Trial, Taproot, Taproot Activation, Taproot Lock-in, taproot upgrade, taproot.watch, technology, upgrade

Photo credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



source https://bidsfor.me/taproot-lock-in-achieved-bitcoin-network-activates-biggest-upgrade-in-four-years-bitcoin-news/

Comments

Post a Comment

Popular posts from this blog

‘Doctor Bitcoin’ pleads guilty to operating an illegal crypto exchange in the US and faces 5 years in prison – regulation Bitcoin News

A Texas man who calls himself “Doctor Bitcoin” pleaded guilty to having operated an illegal cryptocurrency exchange business converting cash into Bitcoin. He faces five years in federal prison. Crypto Exchange Operator pleads guilty The US Department of Justice (DOJ) announced Tuesday that a Texas resident, Mark Alexander Hopkins, pleaded guilty to “illegally engaging in a business converting cash into cryptocurrency.” The 42-year-old man, who calls himself “Doctor Bitcoin,” pleaded guilty to running an unlicensed money transfer company. Acting US attorney Prerak Shah in detail: This defendant ignored federal law and allowed scammers to use Bitcoin to operate under the radar of law enforcement. We are determined to rid the Bitcoin market of anyone who knowingly helps criminal actors hide illegal profits in crypto wallets. Hopkins admitted to running a cryptocurrency exchange business and converting US dollars into cryptocurrency, primarily Bitcoin, for a fee. He also admitted...
Read more

Payments Giant NCR brings Bitcoin trading to 650 US banks and their 24 million customers – Finance Bitcoin News

Payment giant NCR and New York Digital Investment Group (NYDIG) are working together to enable 650 U.S. banks to offer Bitcoin trading to their 24 million customers through their mobile applications. 24 million customers from 650 Main Street banks could soon have access to bitcoin trading New York Digital Investment Group (NYDIG) said Wednesday when 650 banks and credit unions in the US will soon be able to offer Bitcoin trading to their customers via their mobile applications. The Bitcoin option is made possible through a collaboration between NYDIG and corporate payments giant NCR. NYDIG is a bitcoin technology and financial services subsidiary of Stone Ridge, a $ 10 billion alternative asset manager. NCR digital banking president Douglas Brown was quoted by Forbes as saying: We strongly believe in the benefits of crypto and its strategic application. And that goes for our banking relationships, as NYDIG proves, and for retailers and restaurants and the like. Founded in 1...
Read more

These are the 5 Most Expensive Crypto Economics Assets Per Unit – Markets and Prices Bitcoin News

Image
As of July 18, Bitcoin is the most valuable cryptocurrency in US dollars per unit, currently trading for $ 31,693. In addition to all the packaged Bitcoins and synthetic Bitcoin connections, the second highest crypto asset per unit is the longing for financing and the manufacturer follows. Removing market cap positions and looking at crypto assets this way gives a user a completely different perspective. A look at the top digital currencies by unit price At the time of writing, there are only two crypto assets worth five digits and only two worth four. A look at the price of each coin per unit shows how many coins are being traded in certain price ranges. The unit price recorded in this report was recorded at 8:55 a.m. EDT on Sunday, July 18, 2021. The data was collected from the crypto market aggregation sites market.bitcoin.com and coingecko.com. The five most expensive crypto assets per unit include Bitcoin, Long Finance, Maker, Ethereum, and Bitcoin Cash. The per-unit pric...
Read more