November 14 critical date for Bitcoin! Here’s why and what will happen

(ORDO NEWS) — The Bitcoin protocol is about to undergo the Taproot upgrade, a soft fork aimed at improving the privacy, efficiency, and smart contract capabilities of the network. For this reason, attention should be paid to November 14, which will be the publication date. Here are the details…

Bitcoin Taproot upgrade

Taproot is Bitcoin’s first major upgrade since August 2017, which saw the birth of Segregated Witness (SegWit), leading to the Lightning Network launch. The 2017 fork was primarily aimed at facilitating easier transaction processing and improving Bitcoin’s network scalability.

Taproot upgrade will be released after reaching 90% consensus among Bitcoin miners (mining nodes). Here’s a June 2021 tweet from Bitcoin developer Hampus Sjöberg:

What will Taproot bring?

The Taproot soft fork will see the birth of the Merkelized Abstract Syntax Tree (MAST), which will allow the sender and receiver to sign together on a payment transaction.

Additionally, the new upgrade will also implement Schnorr Signature, an algorithm that allows users to aggregate multiple signatures into a single signature for a single transaction, reducing the inherent difference between traditional and multi-signature transactions.

Schnorr’s signature scheme can also be used to verifiably exchange a user’s private and public keys to verify the legitimacy of each transaction. The original Taproot proposal from January 2018, laid out by Gregory Maxwell, highlights:

I believe this structure will allow for the greatest possible anonymity by making it seem like the simplest possible payments for fixed-party smart contracts. It does this without any overhead in the general case, using any sketchy or impractical techniques, requiring no extra rounds of interaction between contract participants, and no permanent storage of other data.

Eyes on Bitcoin on November 14

According to the data we receive, taproot.watch a website created by Sjöberg, show that activated on 14 November 1020 after a successful raid block of Taproot upgrade. Just last month, the daily swap value of the Bitcoin network reached ATH after paying $31 billion in on-chain transactions. Compared to early 2020, the network’s daily payment volume has increased 40x ,supported by the widespread adoption of Bitcoin in El Salvador and other jurisdictions.

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