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Taproot (fork)

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Taproot, is the name used for a proposed and agreed soft fork change in the transaction format of Bitcoin.

Bitcoin Improvement Proposal numbers BIP340, BIP341, BIP342 are collectively known as taproot.[1]

Summary of what Taproot will achieve

  • Complex transactions, such as those requiring multiple signatures or those with delayed release, indistinguishable from simple transactions in terms of on-chain data.
  • Reduce transaction costs: The data size of complex Bitcoin transactions will be reduced, which will lead to lower transaction fees.
  • Support for more complicated conditions for a transaction via new type of signature.
  • Benefits for the Lightning network: More flexibility, privacy enhancement, lower costs

More details about the Taproot proposal on the bitcoin wiki [2]

  1. ^ All Bitcoin Improvement Proposals, including BIP340
  2. ^ "bitcoin wiki page about the Taproot proposal".
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