Bitcoin Taproot upgrade finally locked-in, activation set for November

Taproot is an upgrade to the Bitcoin Core 0.14.0 codebase, which was released in April. It is in final testing phase and will be activated on November 1. With the activation, the current Bitcoin Core 0.14.0 will be supported with security bug fixes until 2024.

Bitcoin Taproot v0.7.2.2 has been deployed to the Blockchain network and is now locked-in. The final countdown of BitcoinTaproot activation starts now. Max. 7 days remain.

It’s been a long time coming, but it’s finally here: the first Bitcoin Taproot client has been through its final development review and is now in production. You can expect to see the upgrade pushed out in November 2016, if everything goes according to plan. For those who haven’t been following Taproot, this is the software that secures all of the Bitcoin blockchain’s transactions, including transactions that occur in the background, or between wallets.

The Taproot update has reached the first major milestone on its way to activation, as 90% of Bitcoin mining (BTC) hashtags have reported an improvement in the protocol in the current era of complexity. Data from Taproot.watch, set up by Bitcoin developer Hampus Sjöberg, shows that the blockchain phase is over. All recognized mining pools have asked for an update, with Slush Pool being the first. Perhaps appropriately, Slush Pool also removed block 687285, which closed the taproot slot. TAPROOT LOCKED IN AT BLOCK 687285 BY SLUSHPOOL pic.twitter.com/FFDddibtmGt – pourteaux (@pourteaux) June 12, 2021 AntPool and F2Pool, the top two bitcoin mining pools in terms of hashrate, were also among the early proponents of enabling Taproot in the BTC mining arena. Speaking to Cointelegraph, Bitcoin Core developer Peter Vuille explained Taproot’s activation step as follows: According to BIP341, activation occurs automatically at block 709632 after lockout – probably around the 14th. November 2021. Vuille also commented on the value of Taproot, adding: This is the first consensus change since Segwit was activated in August 2017. It expands the Bitcoin crypto-currency in a way that makes some things cheaper (especially more complex applications like multisigma and level 2 stuff) and in some ways more private, because the exact rules for issuing are often hidden. According to Vuille, the November activation is just the beginning, as the real work will be to develop software to take advantage of the protocol improvements. The historical significance of the 12. June also went beyond Taproot for bitcoin, as a record number of transactions were mined in one block that day. Data from blockchain researcher Blockchair shows 4,075 transactions in a high block of 687249. Source: Blockchair.com. This record number is nearly double the average number of transactions per block recorded on June 11, and four times the typical number of transactions per block of bitcoins. While hashrate is declining due to mining restrictions in China, the average number of transactions on Saturday could be due to a slowdown in block production, resulting in more transactions to be recorded per block.Bitcoin Taproot activation date has finally been announced, there’s just one month left for miners to upgrade their systems. The new block version 2 activation will happen on November 1st, 2016.. Read more about bitcoin upgrade history and let us know what you think.

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