Taproot , or the next Bitcoin update, will be activated in November, but only very few wallets have already declared that they will support it.
In fact, only three wallets have been reported on the Bitcoin Wiki that have already reported that they will activate Pay to Taproot (P2TR) support soon: Wasabi, Sparrow and the Trezor hardware wallet.
Three others have reported that they will activate it later, after activation.
For all the other wallets listed on the Bitcoin Wiki to date it is not known if and when support for Taproot will be activated.
The fact is that there are still few nodes updated to support Taproot , and as for the client by far the most used, Bitcoin Core, we will probably have to wait for the release of version 0.22.0 (now we are still at 0.21.1), because for now to create P2TR addresses a manual import is required.
As for the payment processors, only BTCPay seems ready for Taproot.
So, while almost all miners have already reported their support for this update, the nodes still seem to be lagging behind, also because until Bitcoin Core version 0.22.0 is released the vast majority will not yet support it. update.
To date, only 27% of nodes have already been updated to be compatible with Taproot.
Bitcoin Node Taproot Support: 27.42%
Unknown: 437 pic.twitter.com/T5WsDKFlRs
— Taproot Signal (@taproot_signal) July 16, 2021
In order to be ready at the time of activation, many more nodes should proceed with the update, so as to be able to allow a large number of wallets to support Taproot.
Indeed, there would be the remote possibility of an attack on the Bitcoin network if 50% of the nodes, in particular those of the miners, were not updated in time. In fact, in this case a miner could deliberately undermine an invalid Taproot transaction, once the update is activated and fork the network.
For this reason, even after the update has been activated, it is recommended not to use Taproot transactions until the vast majority of nodes support it.
Fortunately, the Twitter Taproot Signal profile constantly keeps updated on the percentage of nodes that appear to support the update, so it will not be difficult to know when the 50% threshold will be exceeded, although perhaps it will be better to wait for this to be exceeded abundantly.
Taproot, the Bitcoin update
Taproot is the biggest Bitcoin update in the last four years, and while it’s not a hard fork, it still represents a milestone in the evolution of the project.
For this reason, there is no rush, but it pays to do things right, and make sure everything works perfectly.
Bitcoin is now too important to be able to risk something not working properly, also because it is precisely on its exceptional reliability that its own success relies on.