Bitcoin, the leader of the cryptocurrency, has been upgraded for the first time in 4 years in November to increase transaction security and efficiency.
CNBC and Bloomberg reported that Bitcoin miners around the world have approved the introduction of the 'Taproot' upgrade on the 12th local time.
CNBC predicted that the upgrade could increase transaction security and efficiency, in particular, opening up the possibility of using 'smart contracts', a major feature of blockchain technology.
Currently, Bitcoin is an 'elliptic curve digital signature algorithm' that only makes Bitcoin available to legitimate owners, but with an upgrade it will be replaced with a 'Schnor signature' that makes transactions with multiple signatures unreadable.
In addition, the Taproot upgrade will lower the cost of 'smart contracts', payment contracts that are automatically made on the blockchain, and make the space on the blockchain smaller when these transactions are made.