Cash App is moving forward to integrate support for the Taproot Bitcoin upgrade by December 1, an improvement that allows Taproot to offer developers an extensive toolkit to work with as they go. continue to rely on Bitcoin, Bitcoinmagazine and others reported Thursday, November 18. ).
The upgrade will offer increased privacy features, lower transaction fees, and improved smart contracts, and went live on the Bitcoin network on November 14 at block 709,632.
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“To ensure a seamless update, we will confirm that the Taproot mainnet activation is working as intended before rolling it out to all customers,” according to a statement from Cash App. “By December 1, 2021, all Cash App customers should be able to send bitcoin to Taproot-enabled wallets.”
The Square-owned Cash app supports Taproot addresses to allow its users to make the most of the new features being released to the Bitcoin network, according to reports. This move ensures that Taproot’s capabilities will be highlighted as the network begins to use the address more often.
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Recently activated as a soft fork on the Bitcoin network, the goal of the Taproot update was to boost transaction privacy and efficiency while enabling better smart contracts. Pay-to-Taproot (P2TR) was born and allowed bitcoin spending to look the same no matter what type of transaction was going on. Taproot addresses also reduce transaction fees.
With the reduction in transaction size, making almost all transactions similar and having a single signature, Taproot has the ability to deploy larger and more complex operations deployed on Bitcoin that previously would have been nearly impossible.
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Upgrading Taproot might cause some inconvenience, but only if Taproot is not fully adopted by participants. Most of the disadvantages are outweighed by the advantages.