According to the dedicated tracker created by blockchain developer Hampus Sjöberg for Bitcoin’s Taproot upgrade, the taproot.watch, Bitcoin’s next major upgrade within the past four years is expected to arrive within the next seven days.
The dominant crypto’s Taproot upgrade, which aims to upscale the network’s efficiency, privacy, and smart contracts capacity, was formalized five months ago, with 90% of all BTC miners agreeing with the upgrade proposal almost immediately.
Diving into the specifics, the Taproot upgrade is a combination of three separate Bitcoin Improvement Protocols, or BIPs, namely BIP 340 to 342. It will see the launch of the Merkelized Abstract Syntax Tree (MAST) feature and the Schnorr Signature algorithm. The former allows the sender and receiver to call off a particular settlement transaction in accord, while the latter allows users to compile multiple signatures into one for an individual transaction, blurring the line between a regular and multisig transaction.
Experts believe that the incoming launch of the Taproot upgrade would not only elevate its already-enticing features but also render its transactions a bit cheaper. As of press time, the BTC network could facilitate up to five transactions per second, with fees swelling to as high as $75 per transaction or more. While it isn’t clear how significant the Taproot upgrade would factor into this particular matter, people are clinging to its promise to render such fees much more manageable.