Good-Guy
VIP Contributor
We all know that Bitcoin is one of the most popular cryptocurrencies we have been using right now and it is the biggest cryptocurrency with biggest market cap value as of now. It was launched in the year 2009 and when it was launched, I am sure no one would have thought that it required an "upgrade". However, since it is a digital asset based on a blockchain technology, it might be possible that it does require some sort of upgrade. I am not a tech savvy person and I do not know much about cryptocurrencies. However, I have recently heard that Bitcoin is "upgrading" and the upgrade itself is called "Taproot". The main aim here is to improve Bitcoin transaction speeds and improve Bitcoin privacy. It will be performed by upgrading the Bitcoin's cryptography. This means better coding and Schnorr Signature functionality will improve Bitcoin more. Some people have even claimed that this might even increase Bitcoin's price to some extent. However, can someone please explain in simple word what Taproot actually is when it comes to cryptography? Thanks!
