Bitcoin Taproot Upgrade to launch in November
The Taproot Upgrade has been locked-in and will be activated in November, with a panel at the AIBC Summit being dedicated to its arrival
After reaching 90% critical consensus among mining nodes, the soft fork activation of the Bitcoin upgrade is set for November 14, just a few days before the AIBC Summit will welcome tech industry leaders to discuss and plan crypto trends.
The Taproot upgrade will improve security and reduce costs for complex wallet transaction such as multisig and time-locking. Prior to the upgrade, these methods used up a larger amount of blockchain space, since the Bitcoin script was copied several times within the blockchain protocol. For each signature used, the script was reposted. Additionally to the much larger amount of space being occupied by multisig and time-locking wallets, the blockchain sizes made them easily detectable for cyber attackers.
Taproot will implement Merkelized Abstract Syntax Trees. This technology allows the script to be partitioned, so that a key no longer requires access to the full script, but instead will be able to retrieve the information from a fraction displayed in its designated chain section. The data size, which had caused significant costs of multisig and time-locking Bitcoin transactions, is therefore dramatically reduced, making complex wallets much cheaper to use.
Additionally, the blockchain size will no longer be an easily detectable feature of complex wallets, which are typically used for larger transactions. This frees these wallets of their large banner stating “target me, I am a money whale”, and instead blend them into the tank of all types of Bitcoin wallets.
At the same time, it will be easier to access the wallets. Since one key can potentially retrieve the script of another key, the loss of coins will not need all of the initial keys. In that sense, multisig wallets, which use a 3 of 5 key mechanism, will become a 2 of 5 key wallet if not used for five years. This way, forgetful crypto miners may lose three of their keys without financial hardship.
Bitcoin developer Pieter Wuille, as cited by the Coin Telegraph, expressed his optimistic stance as follows:
It’s the first consensus change since Segwit activated in august 2017. It extends Bitcoin’s script capabilities in ways that make certain things cheaper, and somewhat more private by often hiding what the exact spending rules were.
The Taproot upgrade is certain to be a major topic in the AIBC Summit on November 17 and 18, as the immediate impact of the upgrade becomes clear.
Next up: AIBC Summit Europe
Meet the leading think tanks of emerging tech in the center of the Mediterranean. AIBC Summit Europe 2021 in Malta succeeds its prior events with unique networking opportunities, intriguing art exhibitions, insider conferences and speeches. Newcomers of the industry will have their shot at the AIBC Start-Up Pitch, to gain recognition and funding, while experts of the industry will introduce their newest innovations for the first time. Join us for the number one tech experience of the world!
