Bitcoin’s Taproot Upgrade Enhances Privacy and Security

Shaun
Nov 15, 2021
Updated • Nov 15, 2021
Crypto & Blockchain, Misc
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Bitcoin activated the “Taproot” code upgrade yesterday, November 14, enhancing transactions’ security and privacy. This ensures that transactions occur more efficiently, lower fees, and any-amount transactions will be more secure. Many anticipated the upgrade as it was first an idea earlier in the year as the community called for better scalability and security on the network. As the top cryptocurrency, Bitcoin has initiated the first network upgrade since 2017. This code improvement serves and secures transactions for those who are already crypto users and traders and welcomes those who are new to cryptocurrency.

As cryptocurrency grows, improved cybersecurity is essential for users and traders. As the leading cryptocurrency, Bitcoin leads better privacy and security for transactions, especially for substantial transactions. The code upgrade introduced Schnorr signatures, which offers new signatures that make complicated or multi-signature transactions seem like any other transaction. The increased privacy prevents possible “crypto thieves” or hackers from accessing others’ transfers.

Bitcoin’s Taproot Upgrade

The introduction of the Schnorr signature is a significant improvement for Bitcoin’s security and privacy for complex transactions. Previously, the cryptographic framework used by the Bitcoin network was ECDSA, which stands for Elliptic Curve Digital Signature Algorithm. This cryptographic framework required users to approve transactions by signing using their private key. In comparison, Schnorr signatures are faster, beneficial for smart contracts, and more secure because their signatures are linear.

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The Taproot code upgrade enables multi-signature transactions to appear as a single transaction, which means more security and anonymity for these types of transactions. Multi-signature transactions are usually used for smart contracts, and Taproot opens the doors for more complex smart contracts to be made in the future.

The Taproot update’s main aim is to increase the security and privacy of transactions so that all can enjoy using and trading the coin. This is a vital upgrade for future transactions because as cryptocurrency grows in popularity, the community calls for more secure and private cryptocurrency networks.

 

Summary
Bitcoin’s Taproot Upgrade Enhances Privacy and Security
Article Name
Bitcoin’s Taproot Upgrade Enhances Privacy and Security
Description
Taproot code upgrade improves Bitcoin’s privacy and security for complex transactions making it safe for users with Schnorr signature.
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Ghacks Technology News
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Comments

  1. Jody Thornton said on November 15, 2021 at 7:24 pm
    Reply

    Why were our comments removed from the UseNet article/Advertisement?

    1. beemeup5 said on November 17, 2021 at 10:43 am
      Reply

      It’s strictly business. Most sponsors wouldn’t want negative feedback (aka truly honest thoughts and opinions) so prominently displayed right beneath their promo.

      Martin said that despite acquisition by Softonic they retain full editorial control, however this doesn’t necessarily extend to user-generated content. Like any site they moderate comments at their discretion, even if that means disabling feedback altogether.

  2. Anonymous said on November 15, 2021 at 7:36 pm
    Reply

    Bitcoin is gaining traction. A latin american dictator tried to make it the national currency together with the US dollar before his bitcoin ATMs were wrecked by the angry masses.

  3. Tom said on November 16, 2021 at 2:28 am
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    Please don’t promote environmentally destructive trash like this in the future. Thank you.

    1. just an Ed said on November 16, 2021 at 4:34 pm
      Reply

      Informing about something does not equate to promotion.

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