The Taproot upgrade was one of the most anticipated upgrades on the Bitcoin side after SegWit in 2017. According to the parameters set by the Speedy Trial for this upgrade , at least 90% of blocks mined in any of the two-week difficulty periods had to indicate their support for the upgrade, this support is now available and the Taproot upgrade will be released in November 2021.
Signed that they support updating 1,833 out of 2,016 blocks so that the Taproot upgrade process can begin. Looking at this result, the Taproot upgrade received 90% support from miners. The criteria for the upgrade were met in block 687284. In short, the required number of blocks has been locked by the miners to lock the Taproot upgrade. This support is expected to reach 99% on Sunday.
If the Taproot upgrade is successful, it will be the most significant upgrade for Bitcoin (BTC) since the release of Segregated Witness (Segwit) in 2017. The main focus of Segregated Witness (Segwit) was scaling the Bitcoin protocol. Taproot will equip Bitcoin with a new signature scheme known as Schnorr signatures. In short, it will offer a second signature algorithm (Schnorr) and important privacy features. With minor tweaking to the Bitcoin code, it opens up new possibilities for privacy and scaling, as well as multi-signature wallets and security. It will also reduce transaction costs for complex transactions.
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According to the information obtained from taproot.watch while I was writing the article, the support seems to have reached 90.92%. "1833 signalling blocks"
Taproot will be the most important upgrade after Segregated Witness (SegWit). If it does, it would be a huge success and would offer significant privacy and scalability benefits.
In short, Taproot will make significant improvements to Bitcoin's privacy and, when combined with Schnorr signatures, will significantly increase the throughput when executing a transaction. In addition to privacy, it will reduce the amount of information to be transferred and stored, allowing for more transactions per block and lower transaction fees.
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