Cryptocurrency exchange Kraken: Bitcoin Taproot upgrade is a long-term plan

Cryptocurrency exchange Kraken says the Bitcoin (BTC) upgrade it rolled out in November is the one for the ages.

In a new report from Kraken Intelligence, the exchange explains that Taproot, which consists of three Bitcoin Improvement Proposals (BIPs), will transform multiple aspects of the world’s largest cryptocurrency by market cap.

“Taproot significantly improves user privacy, network scalability, and the fungibility of all bitcoins. Users will enjoy cheaper transaction fees and the ability to conduct multi-signature (multisig) transactions and create complex smart contracts with the same efficiency, low fees, and privacy as single-signature transactions.

Taproot is arguably the most important Bitcoin upgrade to date, laying the foundation for mass innovation and adoption. The Taproot upgrade is significant not only in its technical changes, but also in its implementation.”