Taproot is here: what's new in the latest Bitcoin Core update
The Bitcoin Core software developers have announced the official launch of the Taproot version 22.0 update. This marks the first major change towards the upcoming Taproot activation in November 2021.
The Taproot update was first proposed by one of the Bitcoin Core developers, Gregory Maxwell, back in 2018. Then he came up with a way to expand the flexibility of BTC smart contracts, while simultaneously increasing its scalability and improving the privacy of network users.
This update has become one of the most important for the BTC network since Segregated Witness, implemented in August 2017. Then the developers removed certain signature data, thereby allowing miners to include more transactions in each block.
The main feature of Taproot will be that with the help of an alternative to the current mechanism of the BTC wallet with multi signatures Schnorr signature users can combine several public keys to create a new one. According to the developers, such a solution will significantly reduce the volume of payment data using multi signatures, relieving the blockchain from unnecessary loads.
The foundation for Taproot was laid back in the previous version of Bitcoin Core, but for some factors, some factors prevented the update from activating. It took several months to debate and agree on the Speedy Trial mechanism for activation with a three-month window. This period was given to mining pools to vote and signal the need for an update. Only upon reaching a sufficient number of signals in June of this year was the “green light” issued for activation. Although some blockchain developers are still convinced that the Speedy Trial mechanism is nothing more than an “attack” on Bitcoin.
Another new feature to Taproot is GUI support for hardware wallets. Bitcoin Core users will now be able to connect their wallets to Coldcard, Ledger, or Trezor devices.
In earlier blockchain updates, they had to use the command line interface (CLI) to take advantage of this functionality. Now, the interaction process will become more intuitive, although some manual steps are still required to sign transactions.
Bitcoin Core 22.0 changed support for the anonymous browser Tor v2 to Tor v3, adding also support for the Invisible Internet Project (I2P), which is a decentralized anonymous communication network and an alternative way to increase the anonymity of network users by using IP shielding during transactions.
Now, for the final activation of the labor of more than a hundred people, the community can only wait until November 2021.
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