Unveiling the Taproot Upgrade: Improving Efficiency and enabling Smart Contracts on the Whive protocol
The Bitcoin network underwent a major upgrade towards the end of 2021, known as Taproot. This upgrade was aimed to enhance the efficiency of the network, comprising of three Bitcoin Improvement Proposals (BIPs) including BIP340 (BIP — Schnorr), BIP341 (BIP — Taproot), and BIP342 (BIP — Tap Script).
Whive, as a fork of Bitcoin, will also benefit from these new features in its new version release (v2.22), as it too will upgrade to Taproot. This upgrade brings with it several benefits and improvements to the Whive blockchain, including:
Introduction of smart contracts: Taproot makes smart contracts through Tap Script and is more affordable, in terms of the space they occupy on the blockchain.
Space efficiency: Most Taproot outputs require less space on the blockchain compared to normal P2PKH outputs, but are slightly larger than P2WPKH outputs. This is due to the fact that Taproot outputs lock bitcoin directly to a public key, rather than the hash of the public key.
This leads to higher costs for sending to Taproot outputs, but lower costs for spending Taproot outputs, as the public key is included in the scriptPubKey.
Reduced fees: Taproot’s implementation of Schnorr signatures results in less data being required for processing multi-signature transactions, thus leading to a significant drop in transaction fees on the Whive blockchain.
Computational efficiency: Schnorr signatures will also reduce the data required for multi-signature transactions, making these transactions more efficient to process than standard ones.
The Whive Taproot updated source code will be available from 02/02/2023 on Github and the expected taproot activation Height and Date, 177408, approximately 11 July 2023.
The Whive community is welcome to download the latest code from our Github page, https://github.com/whiveio/whive.git and get the binaries for Mac Os, Linux and Windows:
For running the latest code on linux checkout, https://github.com/whiveio/whive/blob/master/doc/build-unix.md
or by following the guide, https://whiveio.medium.com/a-guide-on-mining-whive-rewards-with-your-cpu-7e3289e11db7