Yesterday, the Bitcoin network rolled out the first upgrade in four years, dubbed “Taproot.”

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The long-in-the-making Taproot code went live when the Bitcoin blockchain reached block 709,632 at 5:15 AM GMT (00:15 ET), which was mined and replayed by F2Pool.

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Taproot introduces Schnorr signatures that improve privacy, scalability, and security on the network, making multi-signature transactions on Bitcoin look like any other transaction, so hackers have a harder time noticing them.

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“Taproot matters, because it opens a breadth of opportunity for entrepreneurs interested in expanding bitcoin’s utility,” said Alyse Killeen, founder and managing partner of bitcoin-focused venture firm Stillmark.

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