Why Does X-BTC Taproot Upgrade Matter?

Taproot is activated on testnet of ChainX and signet,Bitcoin testnet. https://t.co/NhDmjc3TT3?amp=1

Normal users can’t feel it right now, cause it is the backend part. The next step is to support the mint and withdraw X-BTC on the wallet. But why does X-BTC taproot upgrade matter? The reasons are as follows:

More decentralized

V.1 Custody of Bitcoin is Limited to 15 trustees because bitcoin multi-signature could only support 15 public keys before. While Schnorr’s signature of Taproot could aggregate all the signatures to one before saving to bitcoin mainnet.

which breaks the limitation forever. And ChainX will adopt a game theory to well organize the unlimited trustees, allowing them to collateral little and custody 10000 times more value Bitcoins than their collateral.

More Privacy

It will bring about a new address type allowing bitcoin spending to look similar regardless of whether the sender is making a simple payment, a complex multi-signature transaction,

More Savings on transaction fees

Moreover, Taproot addresses will allow users to save on transaction fees — the more complex the spending conditions, the more the user will save — compared to previous address types. By reducing the transaction size and making nearly any transaction appear like a simple, single-signature one.

More Developments to Land on the Network

If you only use Bitcoin to hold coins long-term and sparingly move them around between wallets, you might think Taproot will have little impact on you. But in fact, the possibilities that this soft fork will enable for Bitcoin’s future are extensive, as Taproot lays the groundwork for more prominent and more significant developments to land on the network.

About ChainX

ChainX will become the largest Bitcoin Layer 2 Network in the world. The first Substrate blockchain to go live will provide Polkadot with the most valuable digital assets on the market. Committed to realizing trustless and decentralized bridges for Bitcoin and other assets, it forms an inter-blockchain asset gateway, pathing the way for a truly interoperable network of blockchains.

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ChainX

ChainX

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ChainX is the largest Layer-2 network of Bitcoin, based on Substrate, and will evolve into the Polkadot Secondary Relay Chain.