What is Taproot?

Taproot is a soft fork of Bitcoin activated on the network on November 14, 2021, thanks to the support of miners from all over the world. The soft fork was carried out to improve Bitcoin scripts, as well as improving the efficiency, privacy, and ability of the network to process smart contracts. This is the biggest update since the launch of SegWit in 2017. Taproot consists of three separate applications to improve the Bitcoin network, including Taproot, Tapscript, and a new digital signature system called the Schnorr Scheme.