Taproot of Bitcoin

Taproot is a soft fork that combines BIP 340, 341, and 342 to enhance blockchain scalability, efficiency, and privacy. Key features include the Merkelized Abstract Syntax Tree (MAST) and Schnorr Signatures. MAST allows both the sender and recipient of a transaction to jointly approve its completion, while Schnorr Signatures enable the aggregation of multiple signatures into one, making complex transactions appear like standard ones. This could lead to reduced transaction fees. Although casual holders may not notice significant changes, Taproot has the potential to enable smart contract functionality and foster a DeFi ecosystem on the Bitcoin network, similar to that of Ethereum, if widely adopted.