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Bitcoin, the largest cryptocurrency by value with a market cap of around $ 750 billion, has confirmed its first upgrade in four years.
Bitcoin miners, those who secure the bitcoin network and validate transactions in exchange for bitcoin tokens, have approved the long-awaited upgrade, known as taproot, which is due to go into effect in November.
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Taproot, the most anticipated bitcoin protocol upgrade from Separate Witness (SegWit) in 2017, is expected to improve bitcoin’s privacy and efficiency via a new signing scheme known as Schnorr that will replace the current algorithm. digital signature elliptical curve (ECDSA) of bitcoins.
Over the weekend, the threshold required for taproot support was crossed by bitcoin miners, locking in the ‘benchmark’ upgrade that signals the bitcoin network can evolve peacefully.
“[Taproot is] a great benchmark in that it demonstrates a new path of activation that is apparently working, ”says cryptocurrency venture capitalist Nic Carter, speaking via Twitter DM.“ The technical change is significant and justified, but for me the most important point is the fact that the bitcoin governance and the upgrade process is working.
Bitcoin’s latest upgrade came amid the bitcoin block-size civil war that saw the creation of bitcoin cash, a fork of bitcoin better suited for small payments.
“Taproot adds an important new feature to the bitcoin protocol. But perhaps most importantly, its adoption has been almost unanimous. Following the block size war of 2017, the smooth upgrade of the root pivotal is a demonstration of a strong consensus on the direction of base layer protocol development, ”said Cory Klippsten, general manager of the bitcoin buying application Swan Bitcoin, speaking via Telegram.
“Nothing old breaks, anything new is completely optional. This is the Bitcoin method. This is a powerful feature for many use cases, and also demonstrates that we should be able to ‘add whatever will be needed in the future. “
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The price of bitcoin surged over the weekend, although this was largely blamed on Tesla billionaire Elon Musk, who confirmed his electric car maker plans to eventually resume bitcoin payments.
The price of Bitcoin remains well below its April peak of around $ 65,000 per bitcoin, currently trading at just under $ 40,000 after a huge rally in early 2021 took place.
Meanwhile, other smaller cryptocurrencies, sometimes referred to as altcoins, such as Ethereum, Cardano, Binance’s BNB, and the memes-based dogecoin which appears to have been adopted by Elon Musk as his favorite project, have all significantly exceeded the price of bitcoin in recent months.
Bitcoin has risen by around 300% over the past 12 months, while ethereum, the second largest cryptocurrency after bitcoin, has risen by around 1000%. Cardano and BNB, created by crypto exchange Binance, have each added nearly 2,000% over the past year, with investors betting they could eventually gain market share from Ethereum.
Ethereum has skyrocketed over the past year as the popularity of decentralized finance (DeFi) using cryptocurrency technology to recreate traditional banking products such as loans and insurance and built on the blockchain of Ethereum has increased.
Meanwhile, the craze for the NFT (non-fungible token) that allows all kinds of memes, digital artwork, tweets and YouTube videos to be sold through Ethereum’s blockchain has grown even further. the price of Ethereum.
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