The bitcoin (BTC) soft fork offer was officially released on GitHub.
Bitcoin (BTC) could fork out in 2020 for the first time after a long time. While not a big shift like its earlier Bitcoin Cash (BCH) hard fork, soft fork's offer, known as Taproot/Schnoor, was made official. The soft fork offer in question was carried out in the form of a series of Bitcoin development protocols (BIP),and action was finalised for the expected exchange on the Bitcoin network.
Will Bitcoin get Taproot and Schnorr updates?
In fact, Taproot was first revealed by Greg Maxwell, one of the Bitcoin Core developers, in January 2018. Although Maxwell was the first to make the proposal, another core developer who developed this proposal was Pieter Wuille. With Wuille's touches, the Taproot offer was directly merged with the Schnorr soft fork.
Soft fork, which has been singled out by The Block, aims to bring Bitcoin's much-needed extra privacy feature. Transactions on the Bitcoin network are currently hidden to a certain extent, but transactions can be viewed via blockchain. In addition, a few small details of the network can be seen with a variety of other tools.
Wuille released the official proposal on Github on January 16 for the exchanges, which he stated would bring full privacy to the BTC network. The approval of development protocols 340, 341 and 342 means these will soon be applied to the Bitcoin network.
While the arrival of additional privacy features in bitcoin may seem positive at first, there are drawbacks. Many hidden-focused cryptocurrencies are delisted from some exchanges for exactly this reason, as can be read from the news here. Raising the privacy of BTC could lead regulators to increase their pressure to do so.