‘Taproot’ Bitcoin Activation Successfully Locked! - Kakiforex.com - Financial Market Media No. 1 in the World ‘Taproot’ Bitcoin Activation Successfully Locked! ‘Taproot’ Bitcoin Activation Successfully Locked!

June 14, 2021

‘Taproot’ Bitcoin Activation Successfully Locked!

 One good news for the Bitcoin (BTC) ecosystem is when Taproot has achieved ‘locked in’ status, showing 90% of the block signals miners agreeing to the improvements being implemented.

The announcement was made via a casual video uploaded on the official webpage of taproot.watch.

The lock in phase is actually a phase in which 687284 blocks or as many as 1815 blocks are required for Taproot activation to be locked.

Inside the blocks contain signals known as ‘signal bits’ which indicate whether they agree with Taproot. If it fails to reach 90% of the bit signal block, it means the miner does not agree with Taproot and improvements will not be made.

Bitcoin’s main developer, Pieter Wuille explained Taproot will be fully activated on block 709632. It is expected to happen around mid -November 2021 with a few things to focus on first.

Taproot’s soft fork is one of the best developments for Bitcoin that is able to dispel negative perceptions related to this network. It involves:

Bitcoin as a network of solutions where funds can be transferred from one institution to another such as one bank to another.

A reduction in the data size for smart contracts, in turn, can reduce transaction costs.

Improve the functionality and efficiency of smart contracts.

Taproot makes Bitcoin more sustainable and personal.

Bitcoin today showed a positive movement, jumping almost 10% in 24 hours to $ 39,004 at the time of writing the article.