David Da Silva Rosa, Aerospace Engineer states, “One country wanted to be the first to adopt Bitcoin. No country wants to be the last to adopt Bitcoin.

The fact that the price of Bitcoin barely moved while it suddenly became usable to buy anything in an entire country shows that only few market participants understand it.

Congrats everybody! Bitcoin will be upgraded with Taproot later this year. What stands out to me is that it’s happening without any drama, unlike with SegWit in 2017. Despite the fast growth of the network, it’s still able to reach consensus on new upgrades.”

For those who do not understand what Tap Root is? Taproot will expand on Bitcoin’s smart contract flexibility, while providing more privacy in doing so.  Thus, even the most complex transactions on the blockchain will be indistinguishable with regular transactions.  Gregory Maxwell, Bitcoin Core Contributor proposed the idea.

Bitcoin Magazine gives a clear explanation about Tap Root.  Those who are interested should know that, it was published in the past, “While a big undertaking, this is not just theory. Several of the most prolific Bitcoin Core contributors — including Pieter Wuille, Anthony Towns, Johnson Lau, Jonas Nick, Andrew Poelstra, Tim Ruffing, Rusty Russell and, indeed, Gregory Maxwell —are working on a Schnorr signature proposal that would include Taproot, all in one protocol upgrade.” 

Taproot is a soft fork.  Therefore, the upgrade will be compatible with previous versions of the software. One key feature is the aggregated public key multi-signature, which effectively hides some of the complexities of a transaction posted to the bitcoin network.

A soft fork is a change to the software protocol where only previously valid transaction blocks are made invalid.  This is done because old nodes will recognize the new blocks as valid.  Thus, a soft fork is backwards-compatible. In a soft fork, only one blockchain will remain valid as users adopt the update.

A multi–signature scheme is a combination of a signing and verification algorithm, which provides support for key aggregation and security in the plain public-key model.

The Power of Schnorr: The Signature Algorithm to Increase Bitcoin’s Scale and Privacy has been explained in the Bitcoin Magazine way back in 2016.

Wikipedia points to how in cryptography, a Schnorr signature is a digital signature produced by the Schnorr signature algorithm, which was described by Claus Schnorr. It is a digital signature scheme that is known for its simplicity, among the first whose security is based on the intractability of certain discrete logarithm problems. It is efficient and generates short signatures.  It was covered by U.S. Patent 4,995,082 which expired in February 2008.