Community demand in social networks a position of Binance, regarding the important Bitcoin update, to join Taproot.
For those who have not understood anything so far, it is necessary to understand the moment that cryptocurrency passes. That’s because, to continue delivering on the promise of being a decentralized and secure currency, Bitcoin continues to receive updates.
As the currency is not centralized, the decision to update the network is not up to the community of developers, miners and node operators, that is, the main players in the currency ecosystem.
The last major update was the implementation of Segwit, which took place in 2017, in the case of the Taproot update, miners must signal whether or not they agree with the change, which will give Bitcoin more privacy and security.
Binance Pool, which is currently the fourth largest mining pool, has not yet given the green light for the upgrade to join taproot.
Controversy over activation of Taproot at Binance Pool
The Taproot update is expected to be implemented by miners within three months. To do so, they just need to update their software versions, to signal that they agree with the changes in the Bitcoin network.
Thus, the three largest mining pools, which bring together thousands of Bitcoin miners, have already joined the idea of the update, with the network registering 56% of the pro-Taproot blocks.
But the controversy over the update, which has not yet been seen, is starting to happen with Binance Pool, the fourth largest today.
This is because, by not updating the software signaling support for Taproot, Binance started to be charged on social networks by the community. Many questions why Binance Pool has not yet been updated, with the broker’s response not being the most expected by the community.
This Friday (7), Binance’s main Twitter account asked its followers, in a poll that lasts until next Saturday, if it should update to signal that it agrees with Taproot.
At the time of writing this article, the poll has already been answered by more than 20 thousand people. In 78% of responses from account followers, the answer was unanimous in “Yes”, indicating that Binance Pool should signal Taproot.
The dangers of a poll on social networks is what worries the Bitcoin community
The biggest problem with Binance Pool’s action apparently depending on the approval of its followers on social networks is the dangers of the practice. That’s because Bitcoin Cash and SV communities, which are opposed to Bitcoin, can interfere with the results on purpose, just to attack Bitcoin.
In addition, there is a concern about bots created by Twitter, which could vote for “No”, also to attack Bitcoin. By exposing a sensitive topic on a social network, an environment that is not considered safe for making important decisions, Binance Pool created controversy and further delays in deciding whether to support Taproot or not.
As Binance is the largest cryptocurrency broker in the world, non-signaling could also keep some customers out of operation, especially if they believe that the company does not care about the security of the network.
The Twitter Documenting Bitcoin account criticized Binance’s post, despite answering “Yes” in the poll. The account manager, who has more than 350,000 followers, said that regardless of Binance’s position, Taproot will be activated and that the broker should support the community.
The main problem that Binance could have with not activating Taproot would be the loss of miners in its pool. As it only manages the computational power of miners, those who today mine in the Binance Pool and want the activation of Taproot could migrate, taking power from the eventual negative decision, the Brazillian cypherpunk and Bitcoin expert Narcélio Filho told Livecoins.
“The members of the pool are already voting with the hashrate. If they disagree with the pool, they will abandon it and it takes the loss. ”Narcélio Filho, to Livecoins
Narcélio recalled that the debate on upgrading to Taproot started a few years ago. In other words, now is the time to put into practice what has already been discussed, and not create controversy.
“We are at the stage when miners indicate readiness for the update, which is going to happen anyway, as this is what users want. The time to discuss support for Taproot has passed, it has happened in recent years. The functionality has already been implemented and all miners have likely had software supporting it for some time. Now they will have three more months to show that they are ready. If this signaling is not done in at least 90% of the blocks, the softfork may end up happening anyway by the users in November. ”Narcélio Filho, to Livecoins
But the Binance controversy could have serious consequences for the Bitcoin update, should the pool choose not to agree.
According to Narcélio, if the other 90% of the hashrate are not able to signal the update, this could hinder it.
The expert, however, does not believe that Binance should risk its reputation now and hinder the Bitcoin update.
In the first week of the start of the vote by the miners, 56% already agreed with the changes, 90% being necessary for this to be made.
Disclaimer: The information expressed in this article are solely those of the author and do not necessarily reflect the views of CryptoDeFinance. Each and every investment and trading move involves high risk. You should always conduct your own research when making a decision in crypto investment. *with information from , cryptoplaza, Bit2me, google,