Cash App adds Taproot update for bitcoin addresses

Cash App adds Taproot update for bitcoin addresses

The Cash App from the Square payment company by December 1 will ensure the compatibility of addresses in the bitcoin network after the recent Taproot software.

Thanks to this, users will have the opportunity to send BTC to wallets with Taproot support.

“To ensure uninterrupted update, we will check that Taproot activation on the main network works properly before deploying it for all customers,” the statement said.

The software led to the emergence of a new type of address, Pay-to-Taproot (P2TR), which allows transactions on the Bitcoin network to look equally regardless of whether the sender makes a simple payment, a complex transaction with a multi-signature or uses Lightning Network.

This will potentially reduce the network commission through the use of a smaller amount of data.

Some opportunities provided by Taproot will be implemented only FTX vs Coinbase: after a significant part of the network begins to use a new type of address.

Recall that Taproot update was activated on November 14 on Block 709 632. It is designed to increase the confidentiality, efficiency and scalability of the network.

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