The road to the Taproot update, which will finally take place in 2021, has already begun, and large Bitcoin (BTC) mining pools are already declaring support.
Taproot signals account for about 44% of Bitcoin’s total hash power at the time of writing, according to Taproot.watch, a website created by bitcoin developer Humpus Schöberg.
AntPool and F2Pool are the two biggest weeds of Bitcoin mining frequency – early proponents of Taproot mining. Other complexes that support this are Foundry USA and Slush Pool, with the latter being responsible for mining the first signal block.
According to the Bitcoin consensus, Taproot activation will only progress if 90% of all recovered blocks include an activation signal in the difficulty change window (2016 blocks).
This negotiated agreement is due in a difficult time before August 11 to close due to a network update in November. As Cointelegraph previously reported, the current difficulty period began on May 1 after the rating was downgraded by 12%.
At the time of publication, only 97 signal blocks have appeared in the current window. Meanwhile, the miners responsible for 382 blocks chose not to turn on the “signal bit”.
The “lack of sounds” of these miners, which represent 19% of 2016 blocks in the current difficulty window, means that Taproot activation cannot be blocked, at least in the next difficulty period.
However, given the reports of miner support for Taproot, activation – espionage is expected to be the most significant for Bitcoin in more than four years – without controversy like the 2016 and 2017 Segregated Witness saga.
Taproot is considered an update to the Bitcoin protocol that will allow users to hide additional terms of consumption that could have serious implications for the capabilities of Bitcoin smart contracts.
The ability to hide additional terms of consumption beyond those caused by these parties to the transaction can improve the privacy of Bitcoin.