There have been some issues of privacy, scalability, and security surrounding the bitcoin blockchain for many years. Being a public blockchain, it is easy for anyone to monitor transactions that happen on the network and this seems like issues beyond just transparency that need to be fixed.
SegWit (Segregated Witness) was introduced to bitcoin in 2015, which is a protocol that is supposed to solve the problem of scalability of the bitcoin blockchain networks. Bitcoin networks validate a new block every 10 minutes on average, and each block contains different numbers of transactions. The block size affects the numbers of transactions that can be verified per time and the issues remain until now.
Segregated Witness (SegWit) concept is to allow more transactions to be stored in a single block, which increases the speed for transaction confirmation. Since SegWit could not solve the entire issue, Taproot is currently the solution that will allow many entrepreneurs to look into bitcoin adoptions because of the increase in privacy, scalability, and security.
What is Taproot?
Taproot is a soft fork (a change in code that doesn’t have a hard effect on the existing version) that improves the bitcoin codes to facilitate greater transactions, privacy, security, and lower transaction fees.
It is easy to detect transactions on blockchain even if some solid components like multi-signature are used but with taproot; it is possible to mask bitcoin transactions. It will open the bigger advantages of the bitcoin chain and the potential for more adoptions and means of a smart contract.
The taproot will make use of an upgrade known as Schnorr signatures (cryptographic signature scheme derived by Claus Schnorr) And it will make multi-signature transactions unreadable in an all key and signature aggregation.
Blockchain & cryptos are getting bigger with better advantages. The oppressors/antagonists can’t beat this.
My name is @tykee (Barlogun Michael), a web developer, Civil engineer, content writer and the founder of Meshboc Technology & Digital Services Limited. I am using my content to share my opinions on tech, lifestyle, and finance, to promote myself and impact my readers. I always like to learn. Education is the most thing I cherish.
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