{"id":127263,"date":"2021-06-02T10:35:30","date_gmt":"2021-06-02T10:35:30","guid":{"rendered":"https:\/\/precoinnews.com\/?p=127263"},"modified":"2021-06-02T10:35:30","modified_gmt":"2021-06-02T10:35:30","slug":"taproot-upgrade-centralized-protocol-devs-appear-victorious","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/taproot-upgrade-centralized-protocol-devs-appear-victorious\/","title":{"rendered":"Taproot upgrade: Centralized protocol devs appear victorious"},"content":{"rendered":"
BTC’s Taproot update, billed as the most significant “upgrade” to the protocol since SegWit activation in 2017, is set to gain miner support after all… surprise, surprise. The significant group of BTC miners who failed to signal readiness in a previous signaling period appear to have changed their minds and joined the “consensus.”<\/p>\n
A couple of weeks ago, during a previous Taproot activation signaling period, we noted that BTC miners appeared unenthusiastic about implementing the “soft fork.” We also described it as merely a “stumble” and suggested the change would eventually be approved, since there would be other signaling periods.<\/p>\n
Taproot is being activated via BTC’s “Speedy Trial” mechanism, which combines older mechanisms to implement changes to the BTC protocol to give miners three months\u2019 worth of signaling periods to indicate 90% support\u2014upon which the change is “locked in”. Should Taproot gain that support, which now appears likely, it will activate on the BTC network in November 2021.<\/p>\n
It took a while to bring all miners on board, but if a BTC upgrade has Core protocol developers’ support, it proceeds on a “keep trying till everyone says yes” basis.<\/p>\n
You can tell just how “uncontroversial” a BTC change proposal is by the appearance of slogan hats bearing its name. And yes, there are Taproot hats available… so the change was inevitable.<\/p>\n
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It’s yet another example on the BTC network of the way a small cabal of centralized Core protocol developers control the rules. Despite its image as a grassroots and geeky (even hokey) movement of disparate groups to create a new kind of money that no-one controls, BTC is far closer to being centrally planned.<\/p>\n