The Kraken Exchange says the November upgrade for Bitcoin is “an epochal upgrade”.
In report The latest update from Kraken Intelligence, the exchange, explains that Taproot – which includes three Bitcoin Improvement Proposals (BIPs) – will improve many aspects of the world’s largest cryptocurrency by market capitalization.
“Taproot greatly improves user privacy, network scalability and the fungibility of all Bitcoin. Users benefit from lower transaction fees and the ability to perform multisig (multiple signature) transactions and create complex smart contracts with the same efficiency, low fees, and the same level of data protection as single signature transactions.
Taproot is probably the most important Bitcoin upgrade to date and creates the conditions for massive innovation and acceptance. “
Kraken also goes into great detail on how Taproot can improve privacy for Bitcoin users.
“Taproot’s improved data protection and the benefits of transaction efficiency are two sides of the same coin. The upgrade means that details about the unknown issuing conditions of the users will not be disclosed, resulting in improved privacy for transactions on the network and a lower data load on the blockchain. “
The exchange says few people understand the potential impact of the Taproot upgrade and that it could pave the way for a new era for Bitcoin if successfully activated later this year.
“The upcoming Taproot upgrade is not only important in terms of the technical changes, but also in the implementation process. Some believe that Taproot will lay the working basis for implementing Bitcoin protocol upgrades in the years to come. “
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