Bitcoin News and Finance
Bitcoin Taproot Support Lags at 27% — Even Though Soft Fork Is Opt-in Supporters Beg Nodes to Update Skip to main content

Bitcoin Taproot Support Lags at 27% — Even Though Soft Fork Is Opt-in Supporters Beg Nodes to Update

Image
KEBB | Official ₿itcoin News
Bitcoin Taproot Support Lags at 27% - Even Though Soft Fork Is Opt-in Supporters Beg Nodes to Update

On June 12, the crypto community celebrated the fact that the Bitcoin network locked in Taproot support in order to activate the largest upgrade the protocol has seen in four years. 24 days later, Taproot support via Bitcoin nodes has only reached 27.55% and upgrade supporters are pleading with the community to update their nodes.

It’s Your Duty to Upgrade Nodes, Say Numerous Bitcoin Taproot Threads

Data stemming from the Twitter account called Taproot Signal shows that Taproot-supporting nodes only represent a touch over 27% of the known public node count. 72.45% have not updated their Bitcoin nodes to support the upcoming activation period in November. The upgrade, however, is a soft fork which means nodes don’t necessarily have to upgrade to remain within Bitcoin’s ruleset. Similarly, the soft fork Segregated Witness (Segwit) suffered from a lack of node adoption as well, when it was activated in 2017.

Segwit’s adoption rates didn’t kick in with much higher levels until March 2018. Segwit adoption levels tapped a high of 53% on February 23, 2021 and today levels have risen higher, reaching 71% according to Segwit usage data recorded on July 6. After Segwit was implemented many bitcoiners pleaded with node operators and major crypto businesses to adopt the soft fork. The same can be said about Taproot today, as crypto supporters are posting on forums telling node operators to update to a Taproot supporting node as soon as possible.

Over two weeks ago, one Redditor wrote: “Less than 25% of nodes enforce Taproot, UPDATE your nodes.” In the forum post, people argued over what would happen to a node that hasn’t upgraded to 0.21.1. One person said that if a node hadn’t upgraded to 0.21.1 after block 709,632, and “a miner were to produce a block that violates the Taproot rules” they may “see that block as valid while anyone who has upgraded sees it as invalid.” Another Redditor responding to the comment disagreed with the person’s assessment.

“As far as I understand there’s no way to produce a block that ‘violates the tap root rules though,’” the individual wrote. “It’s a soft fork. Old nodes and updated nodes both see pre-taproot and post-taproot blocks as valid. Old nodes will see taproot UXTOs as ‘anyone can spend’ outputs… but in reality, they aren’t. It works on all versions.”

‘Upgrade Your Nodes to Taproot and Get Your Friends to Do It Too’

On July 5, 2021, another Reddit post on r/bitcoin appeared pleading with bitcoiners to update their nodes. “If you run a node, remember to update it to support Taproot, only 27% do so far,” the Redditor’s thread said. Again this thread was met with debate after a few Redditors told the post’s author that Taproot is a soft fork and these upgrade posts are useless.

“Taproot is a soft fork, so opt-in,” the most up-voted comment on the thread says. “You don’t have to upgrade. That being said, I run two full nodes both of which contain the latest bitcoin core version. Why not [support] freedom of speech? Even though I might not have to say anything that important, at least at the moment.”

The popular Twitter account @mikeinspace also discussed the Taproot upgrade subject on Tuesday. Referring to the 27% support thread on Reddit, he told his 11,000 Twitter followers he’s been seeing a number of these types of Taproot upgrade posts on social media.

“I’m seeing a lot of this ‘it’s your duty to upgrade’ lately,” he tweeted. “I thought soft forks were meant to be optional and you can happily go about enforcing consensus while ignoring vendor extensions.” The Twitter handle Mike in Space also mentioned the notorious Chris DeRose, former host of the broadcast “Bitcoin Uncensored.” Mike in Space added:

There was a great DeRose rant about the immaculate Bitcoin that is now lost down the memory hole. It involved Mircea Popescu, Bitcoin vendor extensions and the bitcoin dot foundation, the one true Bitcoin.

On Twitter, there is a great number of people asking or telling node operators to support Taproot as soon as possible. “Upgrade your nodes to Taproot and get your friends to do it too,” Francis Pouliot told his 68,000 Twitter followers.

“The financial incentive for nodes to upgrade to Taproot is that it increases the value proposition for Bitcoin, and hence helps your stash appreciate,” another individual said on June 13. In fact, on June 13, a great swarm of posts on Twitter shows a number of tweets pleading with bitcoin node operators to update.

What do you think about the lack of adoption Taproot is seeing today and the posts pleading with node operators to update as soon as possible? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Thank you for sharing your thoughts.

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

KEBB | Official ₿itcoin News
On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

KEBB | Official ₿itcoin News
Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

KEBB | Official ₿itcoin News
The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

KEBB | Official ₿itcoin News
Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
1 comment
Read more

Trezor and Wasabi to Implement a Coinjoin Mixing Scheme Into Hardware Wallets

KEBB | Official ₿itcoin News
This week, the hardware wallet manufacturer Trezor, and the non-custodial bitcoin wallet with a built-in Coinjoin mixer, Wasabi, revealed the two teams are working together to introduce Coinjoin mixing into hardware wallets. On Sunday, Wasabi tweeted “hardware wallet Coinjoins are coming next year with our friends at [Trezor].” Trezor Says Company Is ‘Working on a Coinjoin Implementation’ According to Trezor and Wasabi , a form of Coinjoin mixing is coming to hardware wallets in the near future. Coinjoin is a privacy-enhancing process that is leveraged to anonymize transfers on a blockchain. Basically, the scheme involves a number of parties transacting together and mixing their unspent transaction outputs (UTXOs) in a pool to obfuscate the origin of all the funds. On Sunday, Wasabi’s official Twitter account tweeted about adding the privacy-enhancing scheme to hardware wallets. In the thread, someone asked Wasabi when they would release an “album,” and Trezor replied : “Hi, we’...
Post a Comment
Read more

Grand Theft Auto 6 to Feature a Fictional Cryptocurrency

KEBB | Official ₿itcoin News
One of the biggest franchises in the videogame industry, Grand Theft Auto, will feature in-game payments of “bitcoin” or another fictional cryptocurrency. Contractors will pay the player with this currency when they need to make anonymous, untraceable payments. This would constitute another push for Bitcoin awareness into mainstream media culture. Grand Theft Auto 6 to Feature in-Game Fictional Cryptocurrency Grand Theft Auto 6, one of the biggest gaming franchises, will feature an in-game cryptocurrency for payments according to insiders. The game will allow the player to accept cryptocurrency payments from big shot contractors who want to remain anonymous. Industry insider Tom Henderson leaked the news on Twitter earlier this week. He stated: I heard recently that in GTA 6, some missions will reward you in bitcoin instead of cash for completing some missions. The stock market feature will return, with the addition of a broker for different cryptocurrencies. If GTA 6 incorporate...
Post a Comment
Read more

Grayscale Considering 25 More Crypto Assets for Investment Products

KEBB | Official ₿itcoin News
Grayscale, the world’s largest crypto asset manager, is considering 25 more crypto assets for investment products. With the latest additions, the company’s list of coins under consideration has grown to 43. “The process of creating an investment product similar to the ones we already offer is a complex, multifaceted process,” said Grayscale. 25 Crypto Assets Added to List of Coins Under Consideration for Grayscale’s Investment Products Grayscale Investments announced Monday that it has updated its list of digital assets under consideration for 2022. Grayscale currently has $30.6 billion in net assets under management. The company explained that the “Assets Under Consideration” list comprises “some digital assets that are not currently included in a Grayscale investment product, but that have come to our attention as part of our exploration of this sector, and that our team has identified as possible candidates for inclusion in a future investment product.” Grayscale detailed: Wit...
Post a Comment
Read more

Cardano’s Cfund First Capital Goes to Israeli Fintech Startup Coti

KEBB | Official ₿itcoin News
This latest move to broaden cooperation between Cardano and Coti builds upon previous collaborations as the former seeks to upgrade its payment solution on top of the former’s expanding financial infrastructure. Strategic Investment Marks First Allocation for New Ecosystem Venture Fund One of the earliest proposed use cases for blockchain was the democratization of financial services, namely by reaching unbanked and underbanked communities worldwide. From remittance payments, access to credit facilities, or even just digital wallet solutions, advancements across the blockchain landscape have finally made this vision a reality. Among them, Coti is developing the enterprise-grade base layer for the rest to build atop of. Coti, which is short for “currency of the internet,” operates a fintech platform that supports stakeholder-driven payment solutions and empowers these stakeholders to digitize any currency. This aim aligns with Cardano’s ambitions of affordably and instantaneously ...
3 comments
Read more
Blogarama - Blog Directory