The year of 2019 became the first that failed to bring a new well-recognized Bitcoin fork. The only live fork from 2019 is now listed in the third thousand of Coinmarketcap rankings. But, this year may bring some good news.
Bitcoin improved
Yesterday, Lucas Nuzzi, the analyst from Digital Assets Research agency, tweeted about a possible Bitcoin (BTC) soft-fork in 2020. Moreover, according to him, this soft-fork will bring the most profound innovations to Bitcoin's Layer-One in its history.
Bitcoin will soft-fork this year. It will be one of the most innovative additions to L1 thus far:
— Lucas Nuzzi (@LucasNuzzi) January 16, 2020
bip-schnorr+bip-taproot+bip-tapscript
These are powerful foundational technologies that will bring novel smart contracts to Bitcoin's base layer.
2020 will be good. https://t.co/aVVGNdNziR
Mr. Nuzzi predicted the implementation of three Bitcoin (BTC) Improvement Proposals (BIPs). It will contain the roll-out of Schnorr signatures, Taproot schemes and Tapscript language into the Bitcoin (BTC) network.
When asked about the exact time framework for the upcoming soft-work, Mr. Nuzzi answered:
I'm thinking Q4 if it goes through this year.
Next step for Bitcoin (BTC)
All three mechanisms will improve both the scalability and privacy of the first blockchain. In a nutshell, with the Schnorr/Taproot upgrade, the mechanism of transaction signing in the Bitcoin (BTC) network will be reconsidered. In turn, it will allow the development of new multi-signature solutions.
One more use-case for the post-fork Bitcoin (BTC) network is proposed by Mr. Nuzzi. He supposes that numerous simple peer-to-peer contracts that rely on safe oracles (e.g. arbitrators) will make use of it.
The Bitcoin (BTC) network has gone through one mass-adopted soft-fork so far, Segregated Witness (SegWit). It allows the processing of some data outside of the block and, therefore, unloads the main chain to upgrade its speed.
What do you think, will Bitcoin (BTC) fork in 2020? Share your predictions in the Comments!
Tomiwabold Olajide
