A great simile from the leader of Binance on his personal Twitter about the technology that is changing every day:
A message is still a message, but the technology to deliver it has improved over time
Money is still money, but the technology that transfers it is improving.
So what is the implication that Changpeng Zhao wants to talk about here? Is the news of the Bitcoin Taproot upgrade scheduled to be activated in November?
Money is still money, but the technology for transferring it is improving
Last night on 12/06, the whole crypto market was in shock as the Taproot Upgrade achieved its first major milestone on the road to activation with 90% Bitcoin (BTC) mining hashrate signaling an improvement. Progress the protocol in the current difficulty level.
Previously, Bitcoin’s Taproott upgrade was predicted to be locked by the end of this week but if the current signal rate (greater than or equal to 90%) is maintained, Taproot will be locked in less than a day. .
And indeed, last night Taproot was officially locked and promised to be activated in November.
Therefore, not only CZ but many other experts like Tyler Winklevoss also commented: “Money is a technology. When you understand this, you’ll understand why crypto is inevitably”.
Money is a technology. Once you understand this, you will understand why cryptocurrencies are a must in the market.
The history of money from its inception can attest to its development in stages. As scientific and information technology advances day by day, market demand increases day by day, electronic money is born to help solve many limitations of money and money transfer protocols and help businesses Transactions are more seamless.
And of course, Bitcoin as well as all other cryptocurrencies are also increasingly upgrading technology and trading methods to make it more perfect and meet the daily progress of the market.
Bitcoin’s Taproot Upgrade To Be Enabled In November
The Taproot upgrade is a major upgrade — the biggest since SegWit in 2017 — as it will expand Bitcoin’s smart contracts and scripting capabilities along with providing better security measures. It can also improve privacy on second-layer solutions like Lightning Network by making channels look like regular Bitcoin transactions if integrated into Lightning implementations.
In the most basic sense, Taproot can be seen as the latest step in Bitcoin’s evolution as the upgrade not only seeks to enhance the overall usability of the network by making transactions cheaper, faster and easier to deploy, but also enables smart contract deployment.
Furthermore, Taproot also offers privacy promises, i.e. it seeks to make all transactions look the same to everyone except the transacting parties.
Taproot will launch this November when the taproot.watch web portal indicates that the lockout period has ended. “This stage has reached 1815 Taproot signaling blocks, which are required for locking.”
The Taproot upgrade is considered one of the biggest upgrades in 4 years since the activation of Segregated Witness (Segwit) in 2017.
Poolin CEO Alejandro De La Torre tweeted about the milestone after signaling the end. “Taproot is locked,” De La Torre said. “Miners do a great job. Congratulations bitcoin. Bitcoin protocol upgrade is now set to activate in November.”
When enabled in November, Taproot addresses will be able to take advantage of Schnorr signatures as opposed to Bitcoin’s current elliptical curve digital signature algorithm (ECDSA). Since Schnorr signatures are more compact than ECDSA, it can improve scalability.
Other features beyond the expected increase in size from the Taproot activation include more complex BTC smart contracts and decision-based transactions. Besides, it is said that Taproot and Schnorr signatures will also allow more privacy when transacting.
Taproot enhancements also include the ability for BTC participants to use a Merkle tree.
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