BlocksInform
Taproot, a proposed protocol upgrade that should improve Bitcoin (BTC)'s privacy and flexibility, seems to be in the final stage of its path to activation, with one more major step to take and, apparently, argue over: the LockinOnTimeout (LOT) parameter that determines whether or not BTC nodes will require mandatory signaling for activation of the soft fork.
Some bitcoiners are asking for the Taproot to be finally released and with "LOT=false", claiming that nearly all developers and all large mining pool operators prefer it over the "LOT=true" option.
Indeed, many mining pools have indicated support for the Taproot upgrade, and the current total hashrate in support of Taproot is 88.7%. It means very little or nothing to many of us, so we'll simplify it.
As part of the proposed Taproot upgrade to Bitcoin protocol, users would be allowed to mask smart contracts as regular BTC transactions, which would offer greater privacy.
Now the code needs to be activated on the Bitcoin network. Its code has already been included in Bitcoin Core, and now it needs to be activated on the Bitcoin network. Why is it important?The procedure for the activation of Taproot is described in Bitcoin Improvement Proposal 8 (BIP 8).
An expiration date would be set for Taproot, likely a year.
The process for the activation of Taproot is described in Bitcoin improvement proposal (BIP) 8. Miners would get a specific expiration date to activate Taproot, likely a year. If it is LOT=true, then it is a whole other matter.
Nodes approaching the deadline will begin rejecting blocks that fail to signal Taproot activation, theoretically ensuring activation. A lot more technical details are included in the extended explanations below. ??
No rewrites were found
There was continuing discussion about the LOT parameter and how encouraging users to decide for themselves was going to affect the operation. "No agreement was reached at the time, but there is no clear path forward for activating taproot — even though the option itself seems well-wanted," the newsletter stated."
Discussion about the LOT parameter and the effects of encouraging users to choose the option themselves has continued, but "no clear agreement was reached as of this writing and there does not seem to be a widely supported path forward to activating taproot —even though taproot itself appears to be almost entirely desired," the newsletter stated.
Still, according to the Taproot activation wiki, 26 attendees of the February meeting voted for LOT=false, 19 for LOT=true, but 14 from both these groups also suggested they would be fine with either choice.
Meanwhile, per a timeline shared after the meeting, Taproot could be activated by August 2022.
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Learn more:
- Bitcoin Core 0.21.0 Brings Taproot Closer and Adds Tor, Fee, Signet Changes
- Taproot, One Of Bitcoin's Biggest Upgrades May Be Coming Next Year
- Bitcoin a Step Closer to Taproot, the Biggest Upgrade Since SegWit
