Two long-awaited updates for Bitcoin were announced on GitHub. According to reports, the two long-awaited updates, Schnorr and Taproot, were merged on Bitcoin Core on October 15 and were ready to go live. When the new update will go live has not been announced yet.
Stating that although there are rarely updates to Bitcoin, the network is still being developed, Decrypt said that the two updates coming to Bitcoin will be very useful especially for users with high volume transactions. Schnorr and Taproot are the biggest update following the SegWit protocol update to Bitcoin in 2017. SegWit was added to Bitcoin as a soft fork in 2017.
What are the Features of the New Updates?
Schnorr and Taproot, which started to be implemented on Bitcoin Core, will improve the processing capacity while increasing the privacy on the network. More than 150 software developers looked at the code after the software developers called for the developers to review the code before the update went live. After GitHub, BitcoinMerges also announced the update on its Twitter account.
The Schnorr update is defined as an alternative to wallets with multi-signature support feature in Bitcoin. Multiple private keys are used in Bitcoin wallets to provide ease of operation. With the Scnorr update, multiple keys will be combined into one key. Thus, while the size of the transferred data decreases, possible slowdowns in the network will be prevented.
Taproot offers users a new transaction mechanism for Bitcoin. After this update, users will be able to access their lost money under certain conditions.
It is currently unknown when the exciting updates will officially go live.