The Bitcoin Cash community is gearing up for a contentious hard fork, as miners are signaling their intent to produce blocks using a controversial new mining algorithm known as BitcoinFast. As of the time of this writing, BCH miners are signaling an intent to mine a block using BitcoinFast, which would trigger an upgrade of the BCH software to activate the BitcoinFast algorithm.
Bitcoin miners have begun reporting Taproot activation, and crypto currency advocates are eagerly awaiting the biggest bitcoin update in nearly four years. Slush pool’s mining operation brought in the first block for Taproot, and since then Foundry and F2pool pools have joined the signaling.
Bitcoin Block: 681,458 Crane root signals
It’s been a long time since the Bitcoin network has seen a major update, with the most recent in 2017 when BTC members activated the separate cookie (Segwit). Since then, bitcoiners have been discussing the next major update to Taproot. The Taproot offering was introduced in January 2018 by software developer and Bitcoin Core contributor Gregory Maxwell.
Last October, Taproot was uploaded to the Github repository as a download request from Bitcoin Core programmer Peter Vuille. It is claimed that Taproot will help BTC evolve and make bitcoin transactions more private. The protocol that will be used when consensus is reached is a soft fork that enhances the blockchain’s scripts for complex and privacy-oriented transactions.
Taproot is a proposed Bitcoin protocol update that can be used as a fork-compatible softfork, according to the Github documentation on enabling Taproot. By combining Schnorr’s signature scheme with MAST (Merklized Alternative Script Tree) and the new scripting language Tapscript, Taproot will increase the flexibility of Bitcoin smart contracts while providing more privacy, allowing users to mask complex smart contracts as regular Bitcoin transactions.
To update the network, participants need to reach a consensus
Under traditional rules, miners must approve the new consensus rules within a certain amount of time for taproot activation to occur. At the time of writing, more than a dozen blocks have been mined with blocks indicating Taproot activation. Three separate pools, called F2pool, Foundry and Slush Pool, have started sending signals. F2pool is currently the largest mining pool on the BTC network in terms of hash rate.
If you’re new to bitcoin and worried about the root pivot activation debate, you don’t have to be. Decision-making in Bitcoin is decentralized, and consensus emerges naturally as the collective of people in the community evaluate competing proposals. It’s messy, but it works.
– Cøbra (@CobraBitcoin) 4. March 2021
While many BTC supporters are positive about enabling Taproot, the question of how BTC should be updated has already caused controversy. In mid-April, Bitcoin.com News published an article about software developer Luke Dashjer and his displeasure with miners upgrading using the Speedy test activation method. Six days ago, Gregory Maxwell, known on Reddit as nullc, got into a heated discussion in a thread called Taproot Activation Status.
The new device indicates the availability of Taproot from F2Pool! About 25% hash percentage signal right now. pic.twitter.com/5IGYeknCG1
– Murch (@murchandamus) May 2, 2021
Bitcoin (BTC) hasn’t been updated in a while, and as usual, people are skeptical that blockchain participants will reach a consensus after the Segwit2x fight in 2017. Stubbornness and a long period led to talk of things like ossification, bit rot and bit creep. Moreover, Blockchair’s lead developer, Nikita Zhavoronkov, strongly criticized Taproot on Twitter in late 2020.
Despite some controversy, many believe there will be a consensus on Taproot, and even with the controversial activation methods, the update will happen this year. Krakenfx editor Pete Rizzo recently wrote an in-depth article on Twitter about Taproot Consensus after the Clubhouse event in March.
Yes, there are differences of opinion. No, this is not like the debates that have led to splits in the networks in the past, Rizzo said.
From Sunday, 2. By May 2021, approximately 25% of the network’s SHA256 hash rate will accept Taproot activation. The warning period is 2,016 blocks, with 1,802 taproot blocks left for the soft fork, according to the taproot.watch web portal. Taproot will not capture the current alert rate (7.14%), the page continues.
What do you think of the bitcoin network upgrade? Let us know what you think in the comments below.
Tags in this story
2016 blocks, activation, bitcoin, bitcoin (BTC), BTC miner, F2Pool, Foundry, Gregory Maxwell, Luke Dashjr, miner, activated miner, Pete Rizzo, Peter Vuille, Schnorr Signatures, signal period, slush pool, soft fork, Taproot, Taproot activation, taproot.watch, technology, update
Photo credit: Shutterstock, Pixabay, Wiki Commons
Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.
This source has been very much helpful in doing our research. Read more about schnorr/taproot and let us know what you think.
bitcoin taproot activationbitcoin taproot explainedbitcoin upgradesschnorr/taprootbitcoin miner softwaretaproot upgrade,People also search for,Privacy settings,How Search works,bitcoin taproot activation,bitcoin taproot explained,bitcoin upgrades,schnorr/taproot,bitcoin miner software,taproot upgrade,bitcoin future upgrades,bitcoin schnorr