Cash App to add Taproot upgrade support for Bitcoin addresses

The Cash App from the payments company Square will, by December 1, обеспечит compatibility of Bitcoin network addresses after the recent Taproot soft fork.

As a result, users will be able to send BTC to wallets that support Taproot.

“To ensure a smooth upgrade, we will verify that Taproot activation on the mainnet is functioning properly before deploying it to all clients,” the statement said.

The soft fork introduced a new address type, Pay-to-Taproot (P2TR), which allows Bitcoin transactions to look the same whether the sender is making a simple payment, a complex multi-signature transaction, or uses the Lightning Network.

This could potentially reduce network fees by using less data.

Some features provided by Taproot will be implemented only after a significant portion of the network starts using the new address type.

Taproot activated on 14 November on block 709,632. It is designed to increase privacy, efficiency and scalability of the network.

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