The Taproot soft fork for Bitcoin (BTC) has locked in, as per Taproot.Watch, and is now set to be activated in November on block number 709,632.
The threshold of more than 90% of all blocks signaling support for Taproot was crossed Sunday morning. This meant that at least 1,815 of 2,016 blocks within a 2-week difficulty period signaled support for the upgrade.
Taproot is expected to improve the privacy and fungibility of Bitcoin, alongside lowering transaction fees and incorporate efficiency improvements.
The soft fork will be the most significant upgrade to Bitcoin’s blockchain since SegWit, a soft fork activated in 2017.
As part of Taproot, the existing elliptic curve digital signature algorithm of Bitcoin will be replaced with Schnorr signatures, considered to be more secure, privacy-oriented, and better-suited for multisignature transactions by proponents.
The 5-month period between the locking and the implementation of the actual upgrade allows miners the time to upgrade to the Bitcoin Core 0.21.1 software.
Price Action: Bitcoin traded 4.3% lower at $37,317.28 at press time on Sunday.
Follow our socials Whatsapp, Facebook, Instagram, Twitter, and Google News.
