Taproot/Schnorr Update Registered as a Proposal to Improve Bitcoin

Bitcoin Core developer Pieter Wuille this Friday announced the formalization of the Schnorr / Taproot software fork as suggestions for improving Bitcoin BIP 340, 341 and 342.

It is expected that the update will be one of the most important in the history of Bitcoin and will have a significant impact on scalability, privacy, the functionality and interchangeability of coins of the first cryptocurrency.

Wuille explained that the authors of the proposal did not intend to change it unless serious flaws were found in the process of studying the community.

“That means that these documents are our final proposal for integrating Schnorr and Taproot into Bitcoin. Whether it gets accepted by the ecosystem, and how, is up to you,” he explained.

Earlier this week, Wuille designed a request for changes to the Bitcoin Core repository on GitHub to reflect the new BIPs in it. Thanks to this, all interested representatives of the ecosystem will be able to take part in the work carried out by Wuille and a limited circle of his associates.

The approval of the changes will require the consent of the majority of players in the Bitcoin system — only then the soft fork can be successfully completed. There are currently no significant objections to the update.

Author: Marko Vidrih

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