Bitcoin’s first upgrade in four years has just gone live, in a rare and significant example of stakeholder agreement for the world’s most popular cryptocurrency. Meanwhile, in an effort to increase stability and encourage investment, newcomer HUH Token has promised to lock in $1 million of liquidity for two years.
Bitcoin
The new “Taproot” update to Bitcoin improves transaction privacy and efficiency – and, more importantly, it allows smart-contracts to eliminate the need for middlemen in transactions.
Unlike bitcoin’s contentious 2017 upgrade, which was dubbed the “last civil war” due to ideological divides among adherents, Taproot has near-universal support, in part because these changes involve relatively minor code improvements.
Digital signatures, which serve as a digital fingerprint for each transaction, account for a sizable portion of bitcoin’s new transformation.
At the moment, Bitcoin employs an algorithm known as the “Elliptic Curve Digital Signature Algorithm,” which generates a signature using the private key (which controls a bitcoin wallet to ensure the coin can only be spent by its rightful owner).
Taproot will add “Schnorr” signatures, effectively rendering multi-signature transactions unreadable.
This will not increase the anonymity of your private bitcoin address on the public blockchain, but it will make simple transactions indistinguishable from those involving multiple signatures. In practice, this means that your keys will be exposed less on the chain, giving you more privacy.
Furthermore, these improved signatures are a game-changer for smart-contracts, which are self-executing contracts stored on the blockchain. Smart contracts could theoretically be used for almost any type of transaction, from monthly rent payments to vehicle registration.
Taproot reduces the amount of space smart-contracts take up on the blockchain, making them more affordable and compact. In recent years, transaction speeds and costs have been a significant barrier for retailers attempting to use Bitcoin.
Smart contracts can currently be created on both the bitcoin core protocol layer and the Lightning Network, a bitcoin-based payments platform that allows for instant transactions. Smart contracts that are executed on the Lightning Network typically result in faster and less expensive transactions.
Although the bitcoin community agreed to secure the upgrade in June, the rollout did not take place until November. The two-month delay was chosen to allow for adequate testing and to reduce the likelihood of something going wrong during the upgrade.
Numerous community members also recall the disastrous 2013 migration, during which a botched upgrade caused bitcoin to split in half.
HUH Token
HUH Token has announced that it will lock $1 million in liquidity when it launches on 6 December. The enticing new cryptocurrency will be launched on popular exchanges PancakeSwap and Uniswap, with $500,000 of liquidity locked in for two years on each exchange.
The announcement will undoubtedly boost investor confidence and encourage token holders to think more long term about this token, which is unique in the cryptocurrency market.
To amplify this sentiment, HUH Token is launching a referral programme. Holders who refer others using a special code will receive 10% of the new investor’s initial investment in Binance (BNB). This code can be used indefinitely, which means that holders can continue to earn BNB with each new referral.
HUH Token is currently in pre-sale, and its creators appear hell-bent on replicating Shiba Inu’s significant growth and success by releasing a truly unique and clearly well-backed multi-chain, smart-contract cryptocurrency.
Follow HUH Token on their Socials before they Launch:
Presale: https://huh.social/presale/
Telegram: https://t.me/HUHTOKEN
Website: https://huh.social
Twitter: https://twitter.com/HuhToken
Instagram: https://www.instagram.com/huhToken/
