Above all, privacy protection has been enhanced with changes to the program code. Furthermore, the upgrade should make the bitcoin network safer and more efficient. View also expects that this will reduce the comparatively high transaction costs.
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The upgrade was activated when block 709 632 on the bitcoin blockchain was accelerated at 6:15 a.m. on Sunday. A blockchain is a distributed, public database. In the context of bitcoin, this database is used to manage money transactions. The term “chain” comes from the chain to which transactions are added in chronological order.
With “Taprot,” the bitcoin community is introducing the so-called Schnorr signature, which allows more complex transactions with multiple participants to look like any other transaction. It improves the privacy and security of transactions. Schnorr signatures were developed by Frankfurt mathematics professor and encryption expert Klaus Peter Schnorr (78). In the early stages of bitcoin’s development, this technology could not be used because Schnorr’s intellectual property was protected by patents. Patent protection has now expired.
On the Coinbase crypto exchange, the giant is trading up nearly 1.6 percent at US$64,645.09 among cryptocurrencies.
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