- Taproot is a major update that will allow Bitcoin users to send smart contracts disguised as transactions.
- Most major mining pools have accepted the update, with hashrate support now at 56%.
- With or without Binance support, the update looks set to activate in the first half of 2021.
Share this article
Bitcoin’s Taproot update looks set for activation, with over 56% of the hashrate now showing support. Taproot will upgrade Bitcoin’s smart contract capabilities, allowing users to send smart contracts disguised as regular transactions on the network.
Bitcoin users will soon be able to enter complex smart contract arrangements through BTC transactions. For example, funds can be sealed in a time-locked contract, to be distributed on a certain date, or if certain parties co-sign. Taproot also includes added features to protect the privacy of Bitcoin users.
Binance Is Holding Out
Binance Pool is a recent entrant to the Bitcoin space, announced in April of this year. The mining pool quickly shot to the big leagues, and today controls 12% of the hashrate as the fourth-largest pool in Bitcoin.
Out of the five major mining pools, Binance Pool is the only one to withhold support for Taproot. The last major update of this scale was SegWit. Adoption was an uphill battle, with disagreement among mining pools over whether the update should go ahead. However, with 56% support from miners and counting, Taproot looks to be in a far more secure position.
Speaking to Crypto Briefing, Bitcoin Magazine’s technical editor Aaron van Wirdum stated that the previous update of this scale, SegWit, was rejected for political reasons.
“Segwit itself wasn’t really controversial, but some miners were withholding their support in order to use this as political leverage. They failed. I don’t foresee these kinds of complications for Taproot activation.”
Whether Binance Pool is making a statement by withholding support or simply still evaluating the latest update is unclear. According to van Wirdum, Taproot will likely activate in the first half of 2021, whether Binance Pool supports it or not.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source: Read Full Article