Explainer: Bitcoin goes through major upgrade. Here is what it means

NEW YORK : Bitcoin went through a major upgrade on Sunday that enables its blockchain to execute more complex transactions, potentially widening the virtual currency's use cases and making it a little more competitive with Ethereum for processing smart contracts.The enhancement, called Taproot, is the most significant change to the bitcoin protocol since the SegWit block capacity change in 2017.

"More flexible transaction types and lower costs are likely to support more development of DeFi and NFTs on bitcoin, and could set the stage for a wave of technological progress on the original crypto network," she added. Discussions on this particular upgrade began as early as 2016, market participants said. The Taproot upgrade has been included in the bitcoin software since September.The biggest impact would be the bitcoin network's ability to process more smart contracts, similar to what Ethereum does.

"But, while bitcoin likely won't ever be as flexible as Ethereum from a smart-contract standpoint, with Taproot that gap will now narrow. And that means we'll likely see an increase in day-to-day applications for bitcoin," she added.Taproot increases privacy by obscuring what type of transaction is being executed.

Source: Digital Coin News (digitalcoinnews.net)

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