According to reports, the Taproot upgrade has been a long time coming — about seven years precisely but was kick-started again on June 12, 2021.
Without any doubt, Taproot is the most significant upgrade to the Bitcoin network since SegWit in 2017 as earlier mentioned.
Meanwhile, even as today’s upgrade suggests mostly a backdoor kind of change, for now, Taproot protects privacy on the Bitcoin blockchain by concealing complicated transactions.
All of this now helps to bolster the transaction privacy of Bitcoin, making it a lot easier to implement lightweight smart contracts.
The implication of this for Bitcoin is that, now, multiple-signatories transactions can be allowed at once, making such transactions easier to carry out, and even way cheaper.
But then, there’s the thing with most things on Bitcoin.