The activation of Taproot on the Bitcoin network requires sufficient support from miners. So far, four of the biggest pools already support this network upgrade. It remains to be seen if anyone will decide to join the fray.
Why Taproot Matters to Bitcoin
The introduction of Taproot will be an important milestone for the Bitcoin ecosystem. Introducing more privacy to all users will always prove beneficial. Additionally, further enhancing the smart contract capabilities of this network can usher in a new era of innovation moving forward.
it is important to note the Taproot idea is not new. Gregory Maxwell proposed this concept a long while ago, yet it was never implemented in full. That situation may come to change in the near future, assuming enough mining pools pledge support to this concept. With the help of prominent Bitcoin Core contributors, the activation of Taproot is within reach.
A little over a month ago, the support for Taproot was included into Bitcoin Core. This put it on a lot of people’s radar instantly. While it took a month for the pull request to be approved, things are heading into the final stretch. With the code active in the Bitcoin Core software, it can automatically be deployed if sufficient network support has been achieved.
As is often the case for Bitcoin, changes tend to occur slowly and gradually. In the case of Taproot, mining pools have been somewhat hesitant to show support for its activation. That situation is now improving, as four major mining pools already signal support. Prior to the upgrade taking root, however, mining and full nodes will need to upgrade their software accordingly.
How Things Stand Today
At the time of writing, four big mining pools have officially signaled support for Taproot. This list includes Poolin, F2Pool, BTC.com, and Slush. All of these mining pools are reputable and seem keen on helping Bitcoin achieve the next level of proficiency. That being said, roughly 45% of the hashrate signaling support is not sufficient to activate Taproot just yet.
Looking at the other mining pools, it remains to be seen what will happen exactly. Huobi is a likely candidate to support this upgrade, as is Binance. AntPool remains a bit of a wild card, as do Canoe and LuBian. ViaBTC is a possible candidate to end up in the pro-Taproot camp as well, but has yet to make its position clear.
The sooner the positions of all pools become clear, the better it will be. In the past, there has been some contention over Bitcoin network upgrades. This has caused unnecessary friction best left avoided this time around. As Taproot is not an “intrusive” upgrade, there is no real reason to oppose the implementation in its current form.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at firstname.lastname@example.org