Several new softfork proposals were posted by the Bitcoin developer and SegWit inventor Pietr Wuille this week. Dubbed ‘Taproot’ the upgrade has almost no downside and will help facilitate the Bitcoin lightning network that is increasingly being adopted.
Bitcoin protocol developer and SegWit inventor, Pieter Wuille, shared a new softfork upgrade proposal dubbed “Taproot” as a likely complement the Schnorr signature softfork upgrade he published to the developer mail list in July 2018.
The adoption of Schnorr signatures claims to give the network significant scalability and privacy enhancements as they will allow for a simpler method for signing transactions. The advantage of Schnorr signatures is that multiple people can create a public key and then sign it with one signature.
This method contrasts with the inefficient use of separate signatures in the current system. The result of such an implementation is a reduction in both space savings for the network as well as faster verification times.