Bitcoin miners have started signaling Taproot’s activation, and crypto backers are looking forward to the biggest Bitcoin update in nearly four years. The Slush Pool mining company dismantled the first block signaling for Taproot, and since then the Foundry and F2pool pools have also joined the signaling.
Bitcoin Block: 681,458 signals for taproot
It’s been a long time since the Bitcoin network saw a major upgrade, and the last time it was in 2017 when BTC participants activated Segregated Witness (Segwit). Since then, Bitcoiners have been discussing the next big upgrade from Taproot. The Taproot proposal was introduced in January 2018 by software developer and Bitcoin Core employee Gregory Maxwell.
Last October, Taproot was added to the Github repository as a pull request from Bitcoin Core programmer Pieter Wuille. Reportedly, Taproot can support BTC scaling and Bitcoin transactions can become more private. The protocol that is provided in the case of consensus is a soft branch that improves the blockchain’s scripts for privacy-oriented and complex transactions.
“Taproot is a proposed Bitcoin protocol upgrade that can be deployed as a forward-compatible soft fork,” reads the Github Taproot Activation documentation. “By combining the Schnorr signature scheme with MAST (Merklized Alternative Script Tree) and a new scripting language called Tapscript, Taproot extends Bitcoin’s flexibility for smart contracts and offers more data protection by allowing users to mask complex smart contracts as regular Bitcoin transactions.”
In order to update the network, the participants need to come to a consensus
According to the traditional rules, miners must adopt the new consensus rules up to a certain period of time for the taproot activation to take place. At the time of writing, more than a dozen blocks have been mined with blocks signaling for Taproot to be activated. The three different pools F2pool, Foundry and Slush Pool have all started signaling. F2pool is currently the largest mining pool by hash rate on the BTC network in terms of hash distribution.
If you are new to Bitcoin and are concerned about the taproot activation debate, then this is not the place to be. Decision-making in Bitcoin is decentralized, and consensus naturally emerges as the collective of individuals in the community weigh the various competing proposals. It’s messy, but it works.
– Cøbra (@CobraBitcoin) March 4, 2021
While a large number of BTC supporters rate the activation of Taproot positively, updating BTC has already been discussed controversially. In mid-April, Bitcoin.com News reported on software developer Luke Dashjr and his fear of miners who were upgraded with the “Speedy Trial” activation method. In a post six days ago, Gregory Maxwell, aka “nullc” on Reddit, got into a heated debate on a thread called “Taproot Activation Status”.
New block signaling readiness for Taproot from F2Pool! About 25% of hash rate signaling now. pic.twitter.com/5IGYeknCG1
– Murch 🥕🟩 (@murchandamus) May 2, 2021
It’s been a while since Bitcoin (BTC) was updated, and as usual, people are skeptical of whether blockchain participants will come to consensus after the Segwit2x battles in 2017. The stubbornness and the length of time got people thinking about things like ossification, bitrot, and bitcreep. In addition, Nikita Zhavoronkov, the main developer of Blockchair, heavily criticized Taproot on Twitter at the end of 2020.
Despite some disagreement, many people believe that the upgrade will happen this year if consensus is reached on Taproot and even with the controversial activation methods. Krakenfx editor Pete Rizzo recently posted a full Twitter thread on taproot consensus following a clubhouse event in March.
“Yes, there are differences of opinion. No, this is not similar to the debates that led to previous network divisions, ”said Rizzo.
By Sunday, May 2, 2021, around 25% of the network’s SHA256 hashrate will agree to taproot activation. There is a signaling period of 2,016 blocks and 1,802 taproot blocks left to [the] The soft fork is locked in place, ”says the web portal taproot.watch. “Taproot isn’t pinning at the current signaling ratio (7.14%),” the page adds.
What do you think of updating the bitcoin network? Let us know what you think on this matter in the comments section below.
Tags in this story
2016 blocks, activation, Bitcoin, Bitcoin (BTC), BTC miners, F2Pool, foundry, Gregory Maxwell, Luke Dashjr, miners, miners activate, Pete Rizzo, Pieter Wuille, Schnorr signatures, signaling period, slush pool, soft fork, Taproot, taproot activation, taproot.watch, technology, upgrade
Photo credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell, or a recommendation or approval of products, services or companies. 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 or reliance on any content, goods or services mentioned in this article.