- A new upgrade that would make the Bitcoin ecosystem more secure and user-friendly will be going live by the end of this year.
- The Taproot upgrade will require 90% of the processed blocks to signal support.
- 44% of blocks have not signaled support, putting the minimum required threshold far out of reach.
As part of Bitcoin’s evolutionary path, the Taproot upgrade is the latest step to enhance the network’s usability and security. The much-awaited upgrade is expected to go live at the end of this year.
45% of blocks did not signal support
Following the block size increase in 2017, Taproot is the most significant upgrade to the leading cryptocurrency network so far. Amendments to the Bitcoin network are relatively infrequent, as the process is difficult, having to achieve consensus among a diverse and dispersed group of participants.
In March, an agreement was set in place in favor of Taproot, in the form of a “Speedy Trial,” giving miners a series of two-week blocks to signal support for the upgrade. In the month that followed, the code for the Speedy Trial was merged into Bitcoin Core, setting the first step toward activation.
At the time, the Bitcoin community agreed that the upgrade would benefit the network, making complex transactions more scalable and private. Other advantages of the upgrade include lower fees, as the data size of large transactions will be reduced, and more flexibility – enhancing smart contract functionality on the blockchain.
The Speedy Trial kicked off last week, which allowed miners who wish to adopt the upgrade to signal their support by adding special data in the blocks they mine with a “signal bit.” There would also be a three-month activation period which would allow miners to signal for the upgrade.
90% of blocks mined before the next difficulty adjustment must include the signal bit for the upgrade to be ready for activation in November this year.
The current signaling round would appear to be unsuccessful as only under 28% of blocks have agreed to the Taproot activation, while 45% had not signaled support, putting the minimum required threshold of 90% out of reach.
Bitcoin Taproot activation
Despite the difficulties in reaching a consensus this round, the next two-week window for miners to signal support would start again. The network would try over and over again every two weeks until August 11. If by that date the 90% threshold has not been reached, Taproot would not be activated.
Chinese cryptocurrency journalist Colin Wu revealed that most mining pools had not voted either because they are currently seeking advice from miners or due to technical issues. According to Wu, most miners stated that they would support the Taproot upgrade.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?