First bitcoin update in four years goes live

The first bitcoin update in four years, dubbed "Taproot", went live on Sunday.

The update was first confirmed in June of this year, when over 90 per cent of bitcoin miners signalled their support.

Taproot was first proposed by Gregory Maxwell, a bitcoin core contributor, in 2018.

The update could potentially allow developers to release new features that would improve privacy, scalability, and security on the network.

Taproot will see “Elliptic curve” digital signature algorithms, which the cryptocurrency has used since it was released in 2008, replaced with “Schnorr signatures”.

This variety of digital signature was invented by German mathematician Claus-Peter Schnorr and the patent on the technology expired in 2008.

In addition, Taproot could potentially enable the use of "smart contracts", which are a common use case of competitor cryptocurrency Ethereum.

Last time the world's most popular cryptocurrency was updated was in July 2017, which was dubbed “SegWit".

Cryptocurrency users will not be able to benefit from the Taproot update until their wallet supports it, which will mean the wallet’s developers implementing new code.

It took the previous bitcoin update SegWit about two years to reach 50 per cent adoption according to data from bitcoin analyst website Woo Charts.

Bitcoin is currently trading at $65,951 today with a market capitalisation of $1.247 trillion.

    Share Story:

Recent Stories


New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.