What Happened on June. 19th | Taproot Brings the Bitcoin Magic

TI Research

Ordinals and BRC-20 tokens, the two new Bitcoin narratives that have driven network usage have close relationship with a Bitcoin upgrade two years ago, the Taproot upgrade in 2021.

Taproot consists of three independent Bitcoin Improvement Proposal.

BIP340 - Schnorr Signatures: this is an improvement on the Bitcoin signature algorithm, it allows for more efficient multi-signature transactions and smart contracts. Here the smart contracts refer to conditional transaction execution rather than full programming capability like EVM.

BIP341 - Taproot: Taproot brings Merklized Alternative Script Trees (MAST) to Bitcoin. This extends the scalability that SegWit provided, making it able to compress much more information into the witness portion of a block.

BIP342 - Tapscript: This is a scripting language used to extend Bitcoin's existing Script language.

Combining Ordinals and above features from Taproot upgrade, arbitrary data can be "inscribed" onto each sat.

See our previous article to know more about Ordinals: What are BTC Ordinals? Are they Ape-able?

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