- The Bitcoin network is on a move to a new upgrade called Taproot and Schnorr signature update.
- The event is scheduled to occur on Nov 15, 2021, at 12:00 UTC on block height 709632.
- The upgrade will swiftly address Bitcoin’s scaling issues and its downsides.
Amid the scaling difficulties that have long bedeviled the Bitcoin network since it gained mainstream traction, the BTC network is on the move to activate its long-anticipated upgrade called “Taproot”. As said earlier, the Taproot upgrade forms part of Bitcoin’s most valued implementations that seek to address its scaling issues and the challenges it faced in 2021.
As a report has it, the upgrade event is mainly scheduled to occur on Nov 15, 2021, at midnight UTC. To note, apart from the Taproot, the upgrade also involves a separate proposal called Schnorr signature update that will eventually occur on block height 709632 when the time is due.
Moreover, Bitcoin finds it quite troublesome to grow on decentralized finance (DeFi) to access the market exposure due to its programmability. Meanwhile, Bitcoin has the potential to be issued as collateral on an Ethereum wrapper.
With these challenges confronting the BTC network, the Taproot upgrade aims to solve this through its programming language. Although it isn’t as powerful compared to that of programming languages on the Ethereum Virtual Machine (EVM) but, it is far better than what is currently on the Bitcoin network.
As a result of this incoming upgrade to revolutionize the Bitcoin network, Bitcoin Core has been declared officially out of beta according to Bitcoin developer Matt Whitlock.
I’m surprised nobody mentioned the obvious implication here: Bitcoin Core is now officially out of beta! … Advancing the version number to something greater than 1.0 sends the signal that the software is now ready for prime time.
In fact, this time represents the most visible innovation shift in the history of Bitcoin as the community is happy jumping toward the coming upgrade. Expanding further, as we are all waiting for the roll-out, many people believe that this upgrade will influence Bitcoin price positively.