The Bitcoin protocol update may appear around November 16, and the price of Bitcoin may change in volume due to this

Highly anticipatedBitcoin protocol update Taproot will be activated when it reaches block #709,632, which is speculated to happen around November 16.It will bring many improvements by replacing ECDSA signatures with Schnorr signatures, enhancing privacy, scalability, security, and reducing fees.

The Bitcoin community has been hoping for this upgrade for some time.The discussion and formulation of Bitcoin improvement proposals BIP 340, 341, and 342 started in January 2020 and will be implemented at the end of 2020 and merged into Bitcoin Core, the final step for the community to choose to activate and execute it.

The Bitcoin protocol update may appear around November 16, and the price of Bitcoin may change in volume due to this.

A recent report from Arcane Research commented on the importance of this improvement and its activation. Taproot is the most significant upgrade to the Bitcoin network since the SegWit upgrade in 2017.After obtaining the support of 90% of qualified blocks, the activation was reached in June of this year.

The taproot proposal was made by the developer Gregory Maxwell, who is looking for a way to create a new transaction system based on Bitcoin smart contracts.His initial thoughts were:

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