Ladies and gentlemen, we live in a taproot world. The update will improve Bitcoin’s performance and enable smart contracts to be deployed. As of today, all transactions in the Bitcoin network look the same, which improves data protection. It doesn’t matter how the market reacts. It’s a great day for Bitcoin and the community is celebrating it as such, sharing information and working on what’s possible now.
Huhu! #Bitcoin #Taproot has been activated! 🥕🚀🌒
Thanks to the Bitcoin developers for years of hard work and the community for the support. You can donate SATs to developers here: https://t.co/w85twmQJMA
Exciting future ahead of us! ️ pic.twitter.com/GJSWT4MOO9
– Bitcoin LightningNetwork + News ⚡️ (@BTC_LN) November 14, 2021
The ball is in motion, the Projects already in development who rely on Taproot show promise. From new and more efficient wallets to atomic swaps to intelligent contracts that “Minimize the need for reliance on the oracle providing external data.“What will the community build in the next few years? That will increase Bitcoin’s market share. It’s a new era, it’s looking good, and we’re only on day one.
Notorious Bitcoin maximalist and author of Programming Bitcoin, Jimmy Song, recently tweeted. “I finally get around to coding some taproot stuff into my library. I knew it was conceptually clever, but I now know that the whole thing is very well designed. “
I finally get around to coding some taproot stuff into my library.
I knew it was conceptually clever, but I now know that the whole thing is very well designed.
Good job # Bitcoin core developers and everyone who helped make Taproot a reality!
– Jimmy Song (송재준) (@jimmysong) November 13, 2021
Security expert and Tales From The Crypt presenter Matt Odell puts everything into perspective. “Adding Taproot to Bitcoin brings extra privacy to Bitcoin users, but it’s not a silver bullet. It will take some time for the improvements this allows to be put into practice, and we will still need additional upgrades if we want robust data protection guarantees.”
Adding Taproot to Bitcoin brings extra privacy to Bitcoin users, but it’s not a silver bullet. The improvements this enables will take some time to see in practice, and we still need additional upgrades if we want robust data protection guarantees for the majority of Bitcoin users.
– ODELL (@ODELL) November 13, 2021
Before we read more reactions, let’s brush up on what new superpowers Bitcoin has gotten.
What does taproot activation bring to the Bitcoin table?
Transactions are becoming cheaper, safer and more private. What else can we expect? Bitcoin Lightning Network News sums it all up in three main points.
- “Optimization: Key and Signature Aggregation enables the aggregation of public keys and signatures.“The system can now compress many signatures and / or keys into one.
Optimization: Key and Signature Aggregation enables the aggregation of public keys and signatures. Example: If an exchange sends 100 transactions to 100 people, they can now compress all 100 public keys into one key and all 100 signatures into one signature.
– Bitcoin LightningNetwork + News ⚡️ (@BTC_LN) November 13, 2021
- “Data protection: On-chain heuristics cannot tell the difference between a multi-signature and a single-signature transaction.“Take care of it, Chainalysis, you snitch.
- “Smart Contracts: Bitcoin Script has a 10 kB size limit that is removed, allowing for much larger scripts, also known as taproot contracts.“Does that make altcoins obsolete? We will see.
Smart Contracts: #Bitcoin Script has a 10K size limit that is removed, allowing for much larger scripts, also known as taproot contracts. It also removes the cap on opcodes, which allows for more flexibility in the future. This leads to “smarter” contracts, DAOs, and more.
– Bitcoin LightningNetwork + News ⚡️ (@BTC_LN) November 13, 2021
With The help of the Bitcoin magazineLet’s go back in time and give credit where credit is due. Taproot was:
“First proposed by former Blockstream CTO Gregory Maxwell and developed in-house by Bitcoin Core contributors like Pieter Wuille, Anthony Towns, Johnson Lau, Jonas Nick, Andrew Poelstra, Tim Ruffing, Rusty Russell and Maxwell.”
BTC price chart for 11/14/2021 on Bitstamp | Source: BTC / USD on TradingView.com
The countdown and other reactions
As the taproot activation approached, the network went into high gear. “5 blocks in 5 minutes. Bitcoin miners want taproot“Bitcoin Magazine tweeted.
5 blocks in 5 minutes 🤯 # Bitcoin miners want taproot ✊ pic.twitter.com/idgUpEDSgn
– Bitcoin Magazine (@BitcoinMagazine) November 14, 2021
This is the hash of the first post taproot block:
First taproot block found 🌱🚀
A new chapter of #Bitcoin has started.
– Clark Moody (@clarkmoody) November 14, 2021
First we received this report on this first transaction. “Someone just paid 520x too much to send a Taproot transaction in the first Taproot block with a small welcome message embedded in the send data.”
gm taproot 🥕
Someone just paid 520x too much to send a taproot transaction in the first taproot block with a little welcome message embedded in the tx data. # Bitcoin #taproot #gmtaproot pic.twitter.com/MTRj0jrN4e
– Tom Giuretis (@TomGiuretis) November 14, 2021
And then we found the culprit, Federico Tenga from Chainside. Gm Taproot indeed!
I paid a little too much, but I think I can say I have the first pay-to- #taproot transaction in Bitcoin history 🎉🎉🎉https: //t.co/IaLpf1EAxq pic.twitter. com / NSjTnozsXe
– Federico Tenga (@FedericoTenga) November 14, 2021
Here is a video of the first taproot transactions
The first taproot is broadcast (clip from the livestream) pic.twitter.com/TGBPbkbIvI
– b10c (@ 0xB10C) November 14, 2021
Finally, Alex Gladstein of the Human Rights Foundation recalls that his organization is the beneficiary of a Taproot-inspired bet between the two Tales From The Crypt hosts.
Non-profit organizations have no purchasing power, they have the power to do good (PTDG)
When I heard RHR I was reminded that @HRF is the recipient of 2 million sats from a taproot activation bet between @MartyBent and @ODELL
HRF’s PTDG has risen * way * since the bet was made last year
– Alex Gladstein ⚡ (@gladstein) November 12, 2021
And when we talk about Tales From The Crypt in his newsletter, Marty Bent gave us the perfect words to close this article in style.
“It is important to understand that these benefits will not be immediate. They will slowly hit the market over time as the software is implemented in wallets and other services. Many expect Taproot to be activated over the weekend and all potential benefits to be realized immediately. That is just not the case and it is important that this fact is understood. “
The race wins slowly and steadily. It took four years for the Taproot upgrade to happen, but here it is. To cheer!
Featured image: Carrot rocket taking off from this tweet | TradingView charts