Bitcoin’s much-awaited Taproot upgrade aimed at efficiency, privacy, and the capacity for scripting, is expected to happen this Saturday.
The upgrade comes with Merkelized Abstract Syntax Tree (MAST), a feature that makes it hard to trace bitcoin transactions.
Schnorr signatures is another part of the upgrade that would reduce the size of transactions via data aggregation.
Taproot upgrade is reportedly the most notable update in four years and could cause less division, unlike the controversial SegWit. The new features would allow developers to create comprehensive applications that give end-users the benefits of privacy and low costs.
The upgrade has reportedly received positive feedback from the miners, and 800 blocks must be mined before activation. About 339 bocks have reportedly been mined so far.
Bitcoin surged to an all-time of $68,521 and $69,044 on Tuesday and Wednesday, respectively, in reaction to the news.