Taproot Bitcoin Win Logic – Bitcoin Magazine: Bitcoin News, Articles, Charts & Guides

Jason Lau is the COO of Okcoin.

Nearly four years after Bitcoin’s last major update, Taproot is finally closed and will be activated in November. This is a huge win for Bitcoin and the entire ecosystem, whether or not you understand the technical intricacies of the upgrade itself. Okcoin will support Taproot when activated, to ensure that our customers and the network benefit.

Taproot is a win-win for regular users because it will make transactions cheaper: switching from the current standard (ECDSA) to Schnorr signatures will make transactions 12% more efficient. It would also make smart contracts cheaper, by requiring fewer signatures to be broadcast to the blockchain. More efficient use of block space will benefit everyone.

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