What do Schnorr signatures mean for Bitcoin?

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In late November 2021, one of the most significant upgrades in Bitcoin history went live. Dubbed “Taproot,” the upgrade brought significant changes to the cryptocurrency code developed by Satoshi Nakamoto. Taproot was intended to increase privacy, reduce network costs, and introduce so-called Schnorr signatures. Below, we explain what is behind Schnorr signatures and why they have a significant impact on signing…