In mid-June, the “quick trial” lock-up period of the Bitcoin network upgrade Taproot was locked at block height 687,285, and it was mined by the Bitcoin mining pool Slushpool. Taproot is expected to be activated on the Internet on Saturday, November 13, 2021. The upgrade is considered to be one of the biggest changes seen in the agreement since Segregated Witness (Segwit) went live in 2017.
Bitcoin upgrade Taproot is expected to activate on Saturday
After the lock-up period last summer, Taproot is expected to be activated and launched on the main network on Saturday, November 13, 2021. After activation, Taproot is expected to enhance the scripting capabilities of the digital currency network and will provide the ability to use Schnorr signatures (BIP340). Taproot is also expected to expand Bitcoin transactions by allowing certain types of complex, “smart” transactions.
People often say this, but this is actually the first time I have done this…
This may actually be the last drop before the massive rebound…#Bitcoin The Taproot upgrade that happened this weekend + the bull market in the fourth quarter of mid-November has been super bullish…
Detain people! ! ?
— CryptoSeñorita® (@CryptoSenorita) November 12, 2021
Schnorr signatures can help transaction expansion because they are more compact than ECDSA. Schnorr can also allow key aggregation, which provides a large number of multi-signature transaction schemes. Although Taproot (BIP341) created new rules for the new Pay-to-Taproot (P2TR) output type, the upgrade is a soft fork and is fully opt-in like its predecessor Segwit.
“Taproot is a proposed Bitcoin protocol upgrade that can be deployed as a forward-compatible soft fork,” Github “Taproot-Activation” document notes. “By combining the Schnorr signature scheme with MAST(Merklized alternative script tree) And a new scripting language called Tapscript, Taproot will expand the flexibility of Bitcoin’s smart contracts, while at the same time providing more privacy by allowing users to shield complex smart contracts as regular Bitcoin transactions. “
Decentrader market analysts predict that “prices will rise to the US$85,000 to US$90,000 area in the next few weeks”-Taproot upgrades can also be priced
discuss In the past few days, news about Taproot upgrades has spread across cryptocurrency forums and social media platforms. The highly anticipated Taproot upgrade will be officially launched at block height 709,632.The activation of this specific upgrade has sparked speculation BitcoinAfter the successful soft fork, its price may rise sharply.
Bitcoin Sitting in the weekly support zone (front resistance), and the main root upgrade is coming ?
Honestly, things look very optimistic ?
By Alex ? pic.twitter.com/NEQr6bLDts
— IAMTHEONE??? (@BigShortRare) November 12, 2021
On November 12, a Bitcoin Market update blog post According to news released by degrader.com, after the Taproot upgrade, market sentiment may trigger a rebound. Although Bitcoin (Bitcoin) After the current volatility of crypto assets reaching $69,000, Decentrader explained that analysts are still “optimistic” BitcoinThe price is getting higher and higher. The market update states:
We are still optimistic about the high time frame and continue to expect the price to rise to the $85,000 to $90,000 area in the next few weeks, which is consistent with the 1.618 Fibonacci retracement level.
Generally speaking, it is believed that once the scalability and substitutability of the network are improved, the upgrade may bring a new historical high (ATH). The Bitpanda Pro Twitter account discussed Taproot today and pointed out that the upgrade came just in time. “The Taproot upgrade is at a very promising time,” Bitpanda Tweet on Friday. “Whether it is for the total cryptocurrency market that recently exceeded 2.6T Euro for the first time, or for Bitcoin itself, it has reached new ATH many times in the past few weeks.”
However, Bitpanda also acknowledged that the value of the upgrade may have been priced, and the recent ATH to US$69,000 may have soared. “However, once the upgrade takes effect, the bulls still seem to have some power to push prices up,” Bitpanda added. “After all, Taproot is to make Bitcoin better, more efficient, and more private, all of which are factors that can justify higher prices,” the digital asset exchange concluded.
What do you think of the upcoming Taproot upgrade? Please tell us your thoughts on this topic in the comments section below.
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