Poolin, BTC.Com Joins F2Pool in Support of Bitcoin’s Taproot
Poolin, BTC.com, and Slushpool have joined F2Pool in support of Taproot. The upgrade will introduce scaling and privacy features in Bitcoin. They are now listed on the “Taproot-Activation” website.
Poolin Okays Taproot
In a tweet on Nov 18, Poolin officially signaled their support for Taproot.
The upgrade will be through a soft fork as it is non-contentious. At the time of writing, a majority of miners have expressed their support. Their combined hashing rate exceeds 45 percent.
For the proposal to sail, miners controlling over 51 percent of the Bitcoin hash rate (computing power) must express their support. If not, the network will split and a separate chain without Taproot integration will emerge.
Collecting Views from Mining Pools
The “Taproot-Activation” website objective is to support the soft forking of Bitcoin.
Their creators have reached out to several mining pools inquiring about their support of upgrade, their preferred activation method, and if they want to insert a coinbase message in the block to announce their preference even before the actual activation window opens.
In the Bitcoin mining circles, a coinbase is a tech term to mean mining rewards. Every 10 minutes, a Bitcoin block is confirmed by a mining pool.
Of the mining pools supporting the soft fork, only Poolin have broadcasted their intention through a coinbase signal. The rest, including F2Pool, will let the community know in the coming days.
Besides, a majority of mining pools prefer the Taproot upgrade to be activated through the procedure under BIP8 or BIP9 Equivalent.
F2Pool hasn’t stated their preferred method while BTC.com chose the Modern Soft Fork Activation means. These are signals used to broadcast to other nodes their readiness to soft fork once the code is live.
Bitcoin has increasingly preferred using hash rate to enforce consensus rules whenever the protocol is upgrading via soft forks.
In this style, often, rules are tightened. To signal their support, miners embed a set of data in their block showing other miners and the network of their upgraded software and readiness to enforce new rules.
Once a majority of miners support the proposal, all upgraded nodes transit to a new state through a soft fork.
As BTCManager reported, Andreas Antonopoulos believes Bitcoin won’t be as private as alternative networks like Monero.