June 15, 2021

Taproot update on Bitcoin network supported by 98% of miners

Taproot update on Bitcoin network supported by 98% of miners

The Taproot Update is the largest change on the Bitcoin blockchain since 2017, with 98% of the pools pre-supported. Its release (Core 0.21.1) was released on May 2, 2021.

From this point on, it is necessary that 90% of miners include a “signal bit” in the blocks found. This is a release-specified token that lets the community know that the pool is soft-forked.

The threshold of 90% is expected to be reached within a period ofduring which 2016 blocks are mined. While maintaining the current activity and the complexity of mining, the end date is August 11. After that, the window of opportunity to start the update should be closed.

If the required threshold is reached beforedeadline, Taproot will be frozen for activation in November. If the required number of signal bits is not registered on the blockchain, the changes will be discussed and adjusted again. But this is unlikely, because most miners have already announced support for the update.

According to Taproot Watch, nearly 17% of blocks are signaling support for Taproot so far.

It has already been supported by 18 pools, including SlushPool, Poolin and AntPool.

The question of the need for change was for the first timevoiced in 2018. The update, which is slated to roll out in November, should add smart contract capabilities to Bitcoin and increase the privacy of transactions.

Prior to this, Bitcoin experienced only one majorSegWit update that was implemented in 2017. Then the community was solving the problems of scaling and anonymity. As a solution to the problem, the soft fork increased the block size, and the signatures of the validators were stored on the blockchain separately from the transaction history.

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