Taproot is something that is highly sought after in BTC. Why? Because it’s quite possible that Bitcoin will one day do more than just store value. Recently, Taproot, the most significant enhancement to the BTC code, received key approval. This is a code improvement that has been in the works for over 3 years. Let’s take a look at what this could mean for Bitcoin.
The biggest added value is the greater privacy of the protocol. Transactions that are visible on the network will look just like regular transactions and will be almost as fast as on the Ethereum network. Greater privacy will be achieved by mixing bitcoins. The BTC network is relatively easy to monitor. Mixing works by mixing coins to be sent to another address with coins from another transaction. Thus they are not as easily traceable.
It will still take a long time, at least several months, for Taproot to take effect. The upgrade will start in November, when Bitcoin reaches a set block amount. With this window of time, everyone running a node will have plenty of time to upgrade the software. After that, new features from developers will be integrated. These new features will be integrated directly into the products that will actually be used. Even though the BTC network will have new features, it will still act as a store of value. This is not something that will completely change the structure of BTC, only improve it.
Interested in functionality?
We’ll have to wait a little longer for Taproot. But what we can offer you is a chance to try working with cryptocurrencies and the blockchain. If you’d like to learn about how cryptocurrencies work and what they can be used for, you can test it out with our PlatonCoin (PLTC). If you’d like more information, drop us a comment.