In the past four years, Bitcoin has recently implemented Taproot upgrade. This article discusses vital aspects of Bitcoin’s Taproot upgrade with its function. In Bitcoin’s network, digital signature is the requirement for verifying transactions. They use private keys against public keys. Private key is a cryptography’s secret number, just like a password. It is an integral part of Bitcoin and altcoins. Meanwhile, the public key is a code allowing users to get cryptocurrencies into their accounts. Both public key and private key are essential to make sure crypto economy is secure.
Previously, without Taproot implementation, the verification process in the Bitcoin network was slow. This is because the public key validates each digital signature. The past process of Bitcoin requires more time to input and sign multi signature transactions. Taproot eliminates the process by enabling signature aggregation. The benefit of aggregation would allow a single work to process many. Taproot has single-sig and multi-sig transactions for one process of verification. Somehow, Taproot has impacts, one of it is the difficulty in defining which one is single and multiple signatures.
Furthermore, it will also become harder to notice participants having transactions in public blockchain. Actually Bitcoin applies (ECDSA) Elliptic Curve Digital Signature Algorithm. The purpose is to create keys and verify transactions. The Taproot upgrade relates to Schnorr signature which is simpler and more secure to apply. Linearity is one of the Schnorr signature properties. It means that you could use a sum of public keys to sign a sum of signatures, says Investopedia. Many Bitcoin transaction verifications are in batches, not a single transaction.
