Taproot, the much-anticipated upgrade of the Bitcoin blockchain, has been activated at block number 709,632. The upgrade has opened the door for developers to merge new features that will enhance privacy, scalability and security on the network.
The upgrade was given green signal earlier in the month of June, when more than ninety percent of miners chose to indicate their support. A programmed waiting interval between lock-in and activation has since given node operators and BTC miners time to completely upgrade to the newest version of Bitcoin Core, 21.1, which carries the merged code for Taproot.
Bitcoin Miners And Taproot Update
It is to be noted that any Bitcoin miners that have not upgraded to the new software will be ineffectual in successfully mining on the blockchain. Consequently, they will miss out on earning any recent block rewards. Nevertheless, developers have done a lot to guarantee that miners have had sufficient scope to get up to speed.
As a matter of fact, more than ninety percent of BTC miners have already indicated that they plan to upgrade to the new software. This is the reason, because of which, the aforementioned upgrade was able to “lock in” earlier in the month of June, and why there was a five-month postponement prior to the kick in of Taproot activation.
Notably, Taproot will empower fresh developments and new solutions. It is giving developers a puffed up toolbox to work with as they continue to build. A couple of these projects are already under progress and several have yet to be conceived.
What do you think about the aforementioned development? Do you think it can propel the price of Bitcoin higher or lower? Let us know in the comments below!