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Countdown to Bitcoin Bitcoin Update; What should we expect?


The long-awaited promotion of the Bitcoin Taproot is scheduled to take place tomorrow, Sunday, November 14, at 13:10 Tehran time, at block 709,632. This update opens the door for developers to add new features to the Bitcoin network to improve privacy, scalability and security.

to the Report CoinDesk In June, 90 percent of Bitcoin miners agreed with the update, and the decision to implement it was finalized. Scheduled time between miner voting and update implementation has given network operators and miners the opportunity to complete the 21.1 bitcoin Core update, which contains an integrated code for Teprot. Miners can only enforce new rules and use new forms of transactions if they have updated to 21.1 bitcoin blind.

What is Teprot?

Teprot is an update that combines various innovations in the history of bitcoin. The basis of this upgrade is Schnorr signatures. The Bitcoin network now uses the “ECDSA” encryption scheme for its digital signatures, in which the user authenticates the transaction with his private key so that he can send it to another address.

With the implementation of the Teprot update, the Bitcoin network will use a different design called Ashnor. All new transactions using Teprot will now use this new digital signature scheme; A plan to replace the previous model with the aim of adding new features such as improved privacy, security and scalability of bitcoin transactions.

In addition to being smaller and faster than ECDSA, the Ashnor digital signature scheme also has the advantage of being “linear”; A combination that increases the security of bitcoin transactions and allows more complex and lighter smart contracts to be executed on the network.

Teprot will have many positive consequences for other projects active in this ecosystem. For example, performing multi-signature transactions that require the approval of more than one member of a signatory group to be finalized will be cheaper in the new upgrade and will use less data.

Also read: What is Teprot? Everything Investors Need to Know About Bitcoin Bitcoin Upgrades

Security

Teprot can be said to be part of a widespread effort by developers around the world to increase the security of the Bitcoin network, as the general public has access to its transaction history. A curious user can monitor all transactions made on the Bitcoin network through blockchain browsers such as “mempool.space”.

This option is also available in Teprot, but by updating some of the details of more complex transactions, such as smart contracts, can be kept secret from the general public. Lightning network transactions, for example, currently take place outside the Blockchain, but Teprot allows these transactions to look like other regular intra-chain transactions and increase their security.

Scalability

Another problem that Teprot update can solve is the low transaction processing space in the Bitcoin network, which has made scalability one of the problems of this digital currency. Developers could not easily overcome this limitation without damaging the decentralized structure of the Bitcoin network, so they were always looking for a way to make the most of the existing block space.

Because the Ashnor signature can be used to merge multiple signatures into one signature, the amount of data stored in the blockchain is also reduced. For example, this reduction in data volume could increase the scalability of MuSig2. MuSig2 is a multi-signature scheme developed by Blockstream researchers that requires more than one signature to confirm a transaction.

Also read: Bitcoin Fee and Transaction Verification Issue; Everything you need to know

What should we expect?

Countdown to Bitcoin Bitcoin Update;  What should we expect?

Slightly more than half of the known Bitcoin nodes currently support this update. The other nodes continue to work with the old software, which means that they will not be able to enforce the new rules when Teprot is activated; At least until they complete the upgrade to version 21.1 bitcoin blind. However, there will be no problem with network activity after upgrading Teprot.

Any miner who has not completed an update to the new software will not be able to extract bitcoins as in the past and will not be able to receive rewards for new blocks. The developers have done a lot to make sure the miners have the time to do this. In fact, 90% of miners have stated that they want to upgrade to new software. That is why the implementation of Teprot was finalized in June and 5 months were considered until the start of this update.

However, implementing an update does not mean that there is nothing left to do. Until digital currency wallets start supporting Teprot, users will not be able to send or receive a new form of transaction, and most wallets have not yet started supporting Teprot. Wallet developers need to write new code to make these transactions possible.

If all goes well, it will take months or even years for wallets to adjust to this update. For example, it took almost 2 years for the Bitcoin SegWit update acceptance rate to reach 50%.

Needless to say, although Teprot adds new complex applications to the Bitcoin network, such as conducting private transactions on the Lightning network that are apparently no different from regular transactions, developers still have to personally design and implement the tools they need separately.

The point to keep in mind is that Teprot provides a platform for developing and delivering new network solutions. Teprot provides a wider range of tools for developers to use to keep them coming up with ideas, practices and new things. Some of these projects have already started, and others are just an idea at the moment.

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