Bitcoin Taproot Upgrade is ‘Useless, Minor Improvement’ of Outdated

[waybesuricata]

Analysts have criticized the Bitcoin Taproot upgrade as a “minor improvement to a technology that is already obsolete.”

Taproot went live on Nov. 13. This is Bitcoin Core’s first “major” upgrade since 2017, according to proponents. With the update, users can expect to see transactions become cheaper, faster, more secure and private, they say. Taproot will also improve smart contracts functionality on the network.

“The Taproot upgrade is interesting and a step in the right direction, but it does not change the fact that Bitcoin is technologically far behind other blockchains,” said Marek Kirejczyk, CTO of TrustToken, which operates decentralized finance (DeFi) lending protocol TrueFi and stablecoin TUSD.

Marek, a software developer who founded a few like-minded startups, argues that the new technology “improves privacy and throughput slightly, but nothing fundamentally.” He told Beincrypto:

This is the technology that was used in Monero years ago. While other blockchains like Ethereum implement radical scalability solutions such as Layer 2 and sharding, Bitcoin is undergoing a minor upgrade.


Source and continuation of news: https://beincrypto.com/bitcoin-taproot-upgrade-is-useless-minor-improvement-of-outdated-tech-say-critics/