What is Taproot?
Taproot makes it possible to process transactions in batches. This helps to improve Bitcoin’s network speed, privacy, security features, and scalability.
The Taproot upgrade was implemented in 2021, and was one of the most anticipated changes to Bitcoin since SegWitt in 2017.
Taproot reduces the time it takes to process transactions, as it removes the need for Bitcoin transactions to do as many verifications for wallet signatures (which make up 65% of a transaction’s data) so the network can run more smoothly.
In essence, the Taproot upgrade meant Bitcoin transactions needed fewer verifications for wallet signatures, effectively making transactions easier for the network to handle.
Taproot streamlines the transaction processing times, allowing Bitcoin to continue to scale as the network’s user base grows, resulting in reduced fees and decreasing the amount of data transferred on the network.