The world’s first peer-to-peer electronic cash payment network, Bitcoin (CRYPTO:BTC), has ballooned to a market cap of $803.8 billion, but its returns have stalled as of late. Nowadays, the rise of novel cryptocurrencies that help with borrowing and lending, provide trading liquidity, secure agreements between users without intermediaries (aka smart contracts), and more has overshadowed Bitcoin. The last major upgrade to Bitcoin happened in 2017, and right now, there’s not much use to it other than to transfer money from A to B.
Luckily, a technological overhaul has finally come. Over 90% of Bitcoin miners have approved an upgrade for this upcoming November. The upgrade, known as Taproot, will improve the efficiency and privacy of the network and could catalyze a major boost in Bitcoin’s price.
A major advancement
Two changes to the Bitcoin network’s underlying code (or protocol) will take place with the Taproot upgrade. The first is replacing the cryptocurrency’s Elliptic Curve Digital Signature Algorithm (abbreviated as ECDSA) cryptography with that of the Schnorr Signature Algorithm (shorted to SSA). Sounds complicated, but here’s what it means for users. If