[ad_1]
The Kraken crypto exchange says an upgrade for Bitcoin (BTC) coming in November is “one for the ages.”
In the latest of Kraken Intelligence report, the exchange explains that Taproot – which includes three Bitcoin Improvement Proposals (BIPs) – will revamp several aspects of the world’s largest crypto by market cap.
“Taproot dramatically improves user privacy, network scalability, and the fungibility of all Bitcoin. Users will benefit from cheaper transaction fees and the ability to perform multisig (multi-signature) transactions and create complex smart contracts with the same efficiency, fees, and privacy as single-signature transactions.
Taproot is arguably the most significant Bitcoin upgrade to date, paving the way for massive innovation and adoption. “
Kraken also explains in detail how Taproot could improve the privacy of Bitcoin users.
“Taproot’s enhanced user privacy and transaction efficiency benefits are two sides of the same coin. The upgrade means that details of a user’s unexecuted spending terms are not revealed, improving privacy during network transactions and a lighter data load on the blockchain.
The crypto exchange said that few understand the potential impact of upgrading Taproot and that it could usher in a new era for Bitcoin once it goes live later this year.
“Taproot’s next upgrade is important not only in its technical changes, but in its implementation process. Some believe that Taproot will lay the operational foundation for implementing Bitcoin protocol upgrades in the years to come. “
Don’t Miss a Beat – Subscribe to receive crypto email alerts straight to your inbox
follow us on Twitter, Facebook and Telegram
Surf the daily Hodl Mix
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that your transfers and transactions are at your own risk and that any loss you may suffer is your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in Affiliate Marketing.
Featured Image: Shutterstock /Liu zishan
[ad_2]
Source link