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Bitcoin’s Taproot upgrade is coming for Ethereum’s corporate crown

Financial firms using Ethereum for smart contracts could soon move over to Bitcoin

Bitcoin’s upgrade, Taproot, is due to arrive in November
Bitcoin’s upgrade, Taproot, is due to arrive in November Photo: Getty Images

Bitcoin is about to undergo a rare upgrade to its underlying technology, after a consensus of the cryptocurrency network’s miners approved the process over the weekend.

As the largest cryptocurrency by market value, bitcoin runs on its own Bitcoin protocol, which is the underlying blockchain network used to mine the tokens and manage transactions. However, while its younger, cheaper and more nimble counterparts have completed several software upgrades in their time, Bitcoin’s history is fraught with cautionary tales of what can go wrong if an upgrade is not vetted properly.

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