Take a fresh look at your lifestyle.

The Bitcoin update, Taproot, in a dilemma


The biggest Bitcoin update in years, Taproot, is already in tune to be applied. However, its activation has been delayed due to differences between programmers. They do not agree on the way to make it effective.

This update is about a “soft fork”Of the Bitcoin code. To convince the miners to apply it, there are several proposals. It should be noted that Taproot comes to strengthen the capabilities of the Bitcoin network to improve everything related to smart contracts.

In an attempt to get a clear picture to expedite the rollout of this update, lead developer A. J. Towns conducted a survey. In it, he asks for advice from 12 different programmers to offer their views on it.

Programmers have been divided on how the Bitcoin update will be implemented. Although everyone agrees on the need for it, it is in the details where what they have called small contradictions appears.

These differences of opinion could mean that the application, even of “soft forksLike this one, it is not without its dangers.

In this sense, CoinDesk reviews, some of the programmers believe that the best way of implementation is by imposing Taproot on miners. To do this, at first signs should appear inviting them to apply the update.

To the same extent that a considerable number of miners update with Taproot, a deadline or “flag day” will appear for the rest. Thus, when passing the flag day, the nodes will reject the blocks and transactions of those that have not agreed to implement the aforementioned Bitcoin update.

This would incentivize miners to adopt the upgrade, or not have access to the proceeds from Bitcoin mining. This is an imposition that not all programmers welcome.

A hybrid system

The second proposal for the implementation of Taproot, comes from the programmer Matt Corallo. This ensures that, after the respective invitations to the miners to update, a time frame must be left in which the update will be compatible with the current kernel in a hybrid system.

If in that time, he explains, there are not enough Bitcoin miners willing to apply the update, then the update will be subject to review. In other words, Taproot would enter a six-month review period, in which the corresponding changes will be made, if necessary, to bring it back with more attractive qualities.

Corallo does not agree with a flag day, since, according to him, this could lead to a split in the Bitcoin chain. In other words, two rival factions of users and miners would appear with two different versions of the Bitcoin core.

Both proposals are awaiting the level of acceptance that this update may have among Bitcoin miners. If it has a high level, then the measure of the day flag would not be necessary.

Mat Corallo considers that it is not necessary to apply the Bitcoin update forcibly.

A third proposal

In an attempt to reconcile the two implementation proposals, Towns says there is an intermediate alternative. It consists of giving a period of 5 years to the miners. Thus, consider, they will have enough time to know the update and be able to install it.

Some differ from this third option in the Town survey. They assure that the update, being worked on since 2018, already has a prudent time in which it should be known, at least in a general way, by the miners.

Either way, this update, upon release, will be greeted with suspicion by Bitcoin miners. If something happens in the business world, it’s that investors are conservative. And resistance to change increases to the same extent that investors are happy with an established order.

Data to take into consideration

  • This new Bitcoin update, known as Taproot, is a soft fork that would strengthen the Bitcoin smart contract system. At the same time, it would improve network security.
  • It has been in development since 2018 and, according to the developers, it is technically ready.
  • The developers of it, although they do not doubt the need to implement it, differ in the way of doing it.
  • It is not the first time that a soft fork has been tried to implement in Bitcoin. There is the experience of SegWit, which failed miserably.

Leave A Reply

Your email address will not be published.