Peter Velle: Taproot Bitcoin Solution is Almost Ready

The Taproot update, which could significantly improve Bitcoin performance, is “almost ready.” About itreports The Block, citing Peter Welle and other developers.

Taproot solution was introduced in January 2018years by developer Gregory Maxwell. It involves increasing privacy, expanding functionality and improving the scalability of the first cryptocurrency network.

Square Crypto Product Manager Steve Lee surethat the update will reduce commissions by 30-75% and speed up block validation by 2.5 times. Well-known developer Jimmy Song noted that Taproot will add new features to Bitcoin, which will increase interest in this network.

“We expect an increase in interest in Lightning in general,” Song shared his opinion. —Finally, we look forward to integrating Taproot into many wallets. ”

Taproot is expected to be implemented incombinations with Schnorr signatures in the form of a soft fork. A proposal from Peter Velle is currently at the stage of collecting comments from ecosystem participants.

According to the information published by Vellet on December 17, the developers are finishing reviewing the comments, and the update itself is almost ready.

Next steps

The development of Velle has not yet been framed as a proposal to improve the protocol (BIP), however, according to the developers of Bitcoin Core, this is only a matter of time.

Vella will also need to request a change to the consensus rules. This will be followed by the evaluation phase of the Taproot implementation.

“If everything goes well and it becomes clear that Taproot is what the ecosystem is ready to accept, it will be united, and discussions will begin on activation in the network, explained Welle. —If this stage goes smoothly, a release with activation will be published and you can expect the solution to launch ”

Recall that in May, Peter Velle published two BIPs, suggesting a soft fork to implement Taproot.