Bitcoin’s impending upgrade is one for ages, says Crypto Exchange Kraken

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The Kraken crypto exchange says an upgrade for Bitcoin (BTC) coming in November is one for the ages.

In the latest report from Kraken Intelligences, the exchange explains that Taproot, which includes three Bitcoin Improvement Proposals (BIPs), will revamp several aspects of the world’s largest crypto by market cap.

“Taproot dramatically improves user privacy, network scalability and the fungibility of all Bitcoin. Users will benefit from cheaper transaction fees and the ability to perform multisig (multi-signature) transactions and create complex smart contracts with the same efficiency, fees, and privacy as single-signature transactions.

Taproot is arguably the most significant Bitcoin upgrade to date, paving the way for massive innovation and adoption. “

Kraken also explains in detail how Taproot could improve the privacy of Bitcoin users.

“Taproots has improved user privacy and the benefits of efficient transactions are two sides of the same coin. The upgrade means details of unfulfilled user spending terms are not revealed, improving privacy during network transactions and a lighter data load on the blockchain.

The crypto exchange says few understand the potential impact of Taproot’s upgrade and that it could usher in a new era for Bitcoin once it goes live later this year.

Taproot’s next upgrade is significant not only in its technical changes, but in its implementation process. Some believe that Taproot will lay the operational foundation for implementing Bitcoin protocol upgrades in the years to come.

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Featured Image: Shutterstock / Liu zishan

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