Bitcoin‘s new update, Taproot, launched yesterday. It was the blockchain’s first upgrade in four years.
Taproot added a number of security and privacy features to the world’s largest cryptocurrency. However, the blockchain’s newest big feature is arguably smart contract support.
Smart contracts are already a staple of many next-gen blockchains like Ethereum, Solana, and Binance Smart Chain. Taproot added smart contract functionality on Bitcoin’s core layer and the Lightning Network.
Alongside smart contract functionality, the blockchain has beefed up the security and efficiency. Taproot features a few unique features, including the MAST, which helps make smart contracts be more efficient and private. The network also has made complex transactions “indistinguishable” from simpler transactions, which means that it will be hard to censor or stop smart contracts or complex transactions from taking place.
Overall, Taproot doesn’t really feel like a substantial development for the Bitcoin network. However, it’s nice to know that the world’s first and most-valuable crypto is still forging its own path. $BTC.X rose just 2% this week.