Bitcoin blockchain update improves network security and privacy

Bitcoin News. Taproot , update of the network responsible for the cryptocurrency blockchain focused on improvements in the security and privacy of users, was activated this Sunday (14).

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Taproot is the first major Bitcoin update since Segregated Winess , 2017. The enhancement introduces Schnorr signatures, which allow more complex transactions, such as those initiated by digital wallets with multiple signatures, to be logged as common operations, improving security and privacy.

Even though it is still possible to find the operations, they will be identified as simple transactions, without identifiers of their complexity. "You'll be hiding your identity a little better, and that's a good thing," Bitcoin mining engineer Brandon Arvanaghi tells the CNBC website.

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Schnorr subscriptions will also change the landscape of smart contracts, the auto-execution terms that are part of blockchains. For the engineer, this update allows, in the future, contracts such as property rentals or vehicle registration to be created and executed by the network itself, with payments via cryptocurrencies.

Bitcoin on the rise

The new Bitcoin update has everything to encourage new investors to enter the market, as the security improvement adds to the high the cryptocurrency market has seen in recent weeks.

On November 8, Bitcoin (BTC), during the period, was worth US$ 66.6 thousand (R_jobs(data.content)nbsp;363.3 thousand), approaching its historical maximum value, while Ethereum (ETH ), as reported by Canaltech , reached US$ 4,700 . Both bitcoin and Ethereum represent more than 40% and 20% of the market, respectively.

Bitcoin peak on November 9th. (Image: Screenshot/Dácio Augusto/Canaltech)

On November 9, as also reported by Canaltech , Bitcoin broke a new record, reaching the US$ 68 thousand mark (R$ 371.1 thousand). Although, at the end of this article, it has already returned to US$ 66,600, the currency for a brief period managed to break the previous record, which was US$ 67,700 (BRL 369.4 thousand ).

Read the article on Canaltech .

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