Taproot denotes an essential upgrade to the Bitcoin network in the crypto market. The Bitcoin Taproot upgrade improves the first-ever blockchain network in terms of privacy and efficiency.
Taproot is one of the most significant upgrades the Bitcoin network has seen since 2017. The network upgrade improves transaction processing speed by batching together multiple signatures and transactions, making the verification of transactions faster.
In addition to signature aggregation for streamlining transaction processing, the Taproot implementation makes the blockchain more secure. It does this by allowing multi-sig transactions to be disguised as single-signature transactions.
Bitcoin's Taproot upgrade also has the power to catapult the first-generation blockchain toward the era of decentralized applications (dApps). It can allow the Bitcoin network to explore its potential in supporting smart contracts by becoming faster and more efficient.
