VANCOUVER, BC / ACCESSWIRE / November 15, 2021 / Netcoins.ca
Bitcoin has just undergone a major upgrade. The highly-anticipated Taproot-the cryptocurrency's first major upgrade since 2017-launches massive improvements that were "locked in" by developers earlier this year in June. While crypto advocates around the world are waiting to see its wide-scale effects on digital transactions, investors looking to sell or buy bitcoin in Canada and abroad are eyeing Taproot's immediate impact on bitcoin prices.
At the heart of Taproot's developments is the introduction of Schnorr signatures. Prior to the upgrade, bitcoin implemented a different cryptographic scheme known as Elliptic Curve Digital Signature Algorithm (ECDSA)for its digital signatures, in which a bitcoin user digitally "signs" or approves a transaction with their private key in order to send it elsewhere. Evolving bitcoin's digital signature scheme to Schnorr enables users and their transactions to operate in a more private, secure, and ultimately more efficient manner.
Schnorr makes simple transactions indistinguishable from more complex ones, which are often made up of multiple digital signatures. That is to say, multi-signature transactions appear as standard, single-signature transactions. It results in a greater sense of anonymity, which in turn translates to enhanced privacy for the average bitcoin user.
Another key functionality made possible by Schnorr is that it allows for the use of smart contracts, which are self-executing digital programs written in code and stored on bitcoin's blockchain technology, running when predetermined conditions are met. One of the benefits to employing smart contracts is automation; agreements can be met almost instantaneously without the need for intermediary involvement.
Taproot's decisive updates to bitcoin will undoubtedly further the long term viability of the world's most popular cryptocurrency, and improve its scalability among a widening stream of crypto users. For the Canadian investor just tuning in, it's never too late-in fact, it's a good time as any to get in on cryptocurrency exchange in Canada thanks to bitcoin's latest milestone.
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SOURCE: Netcoins
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https://www.accesswire.com/672733/Netcoinsca-Shares-Excitement-With-Crypto-Investors-Around-the-World-for-Bitcoins-Taproot-Upgrade
