Taproot will be implemented after the ‘Speedy Trial’, a Bitcoin blockchain voting process, resulted in overwhelming community support for the next major upgrade.
It will bring a number of improvements to boost how bitcoin operates, including new privacy options, multi-signature wallets, security and scaling. The code will be inscribed with Schnorr signatures which should make these functions possible.
There are always challenges in writing a new upgrade for bitcoin, noted David Harding and Russell O’Connor who created the Speedy Trial to gauge whether the community is ready to welcome a new upgrade. Usually, writing the code is easy – getting a final go-ahead from stakeholders is less so.
Since there is no centralized authority in the blockchain space, or at least bitcoin, the only way to introduce a major change to the ecosystem is to garner the community’s approval.
In the case of bitcoin that means at least 90% of all stakeholders. Taproot has been a success though, because the protocol ended up with more than 98% of stakeholders vowing their approval for the new network upgrade.
In the next five months, stakeholders will be able to update their software to Bitcoin Core 0.21.1 before a network-wide update is released. This is the most significant update since the Segregated Witness (SegWit) took place in 2017.
Because of the wide support behind the move, community members and experts expect the “soft fork” to Taproot to have a significant impact on the overall blockchain performance and customer experience. This will also impact gaming and entertainment powered by bitcoin options as well.
We can’t wait to see how the Taproot upgrade will impact gaming at Bitcasino, 1xBit and FortuneJack.