Voting for Taproot bitcoin update has started

03.05.2021 | auglovoi

The second of May 2021 was announced an update to the bitcoin software fork client introducing a new system of voting for updates by mining pools. After the latest recalculation of complexity, miners can include so-called new software signals in new blocks. In this way, they can vote for this or that change.

The mechanism is designed so that when 90% of the total hash rate is reached, who supports the new version of the client, the automatic acceptance of updates is triggered. However, if before the usual majority was enough, and the innovations took effect, now, in addition to the 90% threshold, there will be a pause. This will allow those remaining to move to the new version and increase scalability. The window between majority support and launch will be three months.

The first miner to announce its willingness to use the updated client was SlushPool. If other major mining associations follow suit, this will be one of the biggest changes in the history of cryptocurrency technology. In addition to increased privacy and better scaling mechanisms, the first cryptocurrency’s ability to interact with other coins on the market will grow.