Prices of the world’s largest cryptocurrency by value, Bitcoin, have surged after the announcement of its first upgrade in four years, with improvements planned to both the cryptocurrency’s privacy and efficiency.
“Bitcoin miners — those who secure the bitcoin network and validate transactions in return for bitcoin tokens — approved the long-awaited upgrade, known as taproot, that’s due to take effect in November,” reported Forbes. “Taproot, the most anticipated upgrade to the bitcoin protocol since segregated witness (SegWit) in 2017, is expected to improve bitcoin’s privacy and efficiency via a new signature scheme known as Schnorr that will replace bitcoin’s current elliptic curve digital signature algorithm (ECDSA).”
.png)
.png)
