Bitcoin Development Is Evolving – and What’s Behind It
Its no secret that Bitcoin’s code has been chugging along for over 10 years now, but it has undergone a few changes. Lots of bug fixes have taken place, the next upgrade will be a significant news item . Highlighting the importance of the underlying technology concerns the Taproot upgrade, which will enhance the network’s smart contract functionality as well as introduce some privacy features.
The Taproot upgrade will need support from the mining pools which currently provide for 54% of the BTC hashrate; majority have stated they will support it. This will bring lots of new features and more powerful technology. Don't look for improved flexibility like ETH currently has, its a different offering. Look for them to enhance the 'store of value' that all the Industrial FOMO crowd is flocking towards.
Lots of speculation for new features from Taproot - More Privacy, more store of value, a mechanism to drive down transaction costs, allowing for more wide spread use. Knowing that a diverse developer community is involved keeps one developer community from controlling all things being developed. Several companies are dedicated to Bitcoin work, such as Lightning Labs Blockstream, Chaincode Labs and a few others. Lest we overlook other well-known crypto businesses such as Coinbase, OKCoin, BitMEX, Square Crypto, the tech titan MIT Digital Currency Intiative.
Summary: Bitcoin use cases and feature / functions continue to expand. There is hope for wider adopt in the near term
Enjoy the Journey!
