A year after Taproot, Bitcoin community works to unlock its DeFi potential
Smart contracts functionalities on the Bitcoin network could boost adoption and provide additional liquidity to DeFi. Taproot support across the industry is still crawling one year after the Bitcoin soft fork, indicating a strong potential for innovation and broader Adoption of Web3 solutions to be unlock ed through the world's largest cryptocurrency, sources told Cointelegraph. "Since early on, Satoshi predicted that layers being built on top of the Bitcoin blockchain would enable Bitcoin to move beyond being only sound money by adding programmability, which makes Bitcoin the optimal framework to build out Web3 capabilities," noted Alex Miller, CEO of the Web3 developer platform Hiro. The Taproot upgrade took place in November 2021 and laid the foundation for accelerating decentralized financial services through the Bitcoin (BTC) network. It enables more efficient validation of multi-signature scripts, which addresses privacy issues, and improves block storage by red...