Bitcoin advocates are celebrating the successful implementation of the Taproot upgrade after a block height of 709,632. The upgrade was eagerly awaited as it was one of the most significant changes since the introduction of Segregated Witness (Segwit) in 2017. After the upgrade was complete, the Bitcoin community discussed the many benefits that the Taproot and Schnorr signatures have to offer and began to measure Taproot usage as well.
Taproot has been activated on the Bitcoin blockchain
At 12:15 a.m. (EST) at block height 709,632, at difficulty period 352, Taproot was officially activated on the Bitcoin (BTC) blockchain. The upgrade was long overdue as it is an upgrade that lasted for seven years.
– jack⚡️ (@jack) November 14, 2021
Taproot allows users to use Bitcoin scripts in multiple ways to improve privacy, scalability, and security. Combining Taproot with an enhancement called Schnorr signatures enables more compact transactions and key aggregation, which provides a multi-faceted array of multi-signature transaction patterns. Schnorr offers three major advantages according to the introduction of the codebase on Github:
- Provenable security: Schnorr signatures are provable. In more detail, they are highly tamper-proof in the context of a chosen message attack (SUF-CMA).
- Non-malleability: The SUF-CMA security of Schnorr signatures implies that they are not malleable. On the other hand, ECDSA signatures are inherently malleable.
- Linearity: Schnorr signatures provide a simple and efficient method that allows multiple collaborating parties to produce a valid signature for the sum of their public keys.
The technique of collaboration or key aggregation “is the cornerstone of various top-level constructs that improve efficiency and privacy, such as multiple signatures and the like,” Github’s description adds.
The Schnorr signature scheme is combined with MAST (Merklized Alternative Script Tree), which essentially creates a new scripting language called Tapscript. The Taproot activation page on Github now reads: “Taproot locked. Thanks minors. After Taproot was activated, a large number of crypto supporters discussed the implementation on social media.
“The Taproot upgrade for Bitcoin has officially [been] activated ”, Bitcoin investor Anthony Pompliano tweeted after upgrading. “Congratulations and thank you to all the developers, miners and Bitcoiners who made this possible.” Another individual nicknamed “Hashoveride” tweeted:
Taproot activated! Bitcoin updated! This is how consensus is formed and upgrades are made! Incredibly slow, uncontroversial and unforced. You better recognize. [Bitcoin] ready to fly.
Bitcoin Developer Pieter Wuille: “Finally, BIP341 / 342 (” Taproot “) are active on Bitcoin Mainnet ‘
Bitcoin Core developer Pieter Wuille also discussed the success of the soft fork on Twitter and thanked everyone on the network.
“Finally, BIP341 / 342 (‘taproot’) is active on the Bitcoin mainnet. Thank you to everyone involved for bringing us here ”, Wuille tweeted. “The real job will be to create portfolios / protocols that build on it to take advantage of its benefits. I’m very excited to see where this takes us, ”added the Bitcoin developer. Other bitcoin fans shared data taproot used in the wild. For example, Alekos Filini wrote:
A modified version @bitcoindevkit performed this operation. This is a Taproot script expense with a 1 of 2 multisig that uses the new `OP_CHECKSIGADD`. It looks like this is the very first `OP_CHECKSIGADD` used on Bitcoin! This is the third Taproot script expense in the block, but the previous two did not use this opcode.
Additionally, the Open Exploration Tool (oxt.me) blockchain exploration tool tweeted about using Taproot on the Bitcoin blockchain after the successful implementation. “It’s happening #Taproot”, the oxt.me Twitter account noted, sharing an array of Taproot usage. Bitcoiner Lyle pratt also talked about the benefits of Taproot and explained why he was excited.
“[Three] reasons I am personally excited about Taproot, ”wrote Pratt. “1) The upgrade process gave us a good recipe for future upgrades. 2) Taproot will help proliferate new DLC services and use cases, eventually bringing them to Lightning. 3) Multisig federations of 1 mil + participants are now possible.
When asked by another person what the benefits of federated multi-signing would be for many attendees, Pratt responded by noting, “Much more decentralized signatory or oracle pools are now possible. Pre-taproot about 15 p2sh signatories was the practical limit.
What do you think of the successful implementation of the Bitcoin Taproot upgrade and the community’s opinion on the latest soft fork? Let us know what you think of this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, OXT.me,
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