The below is a direct excerpt of Marty's Bent Issue #1111: "Taproot activation is upon us." Sign up for the newsletter here.
It's been a minute since we talked about taproot in this weird dark corner of the Internet. As of right now, we are 321 blocks away from the much awaited for upgrade being activated. Instead of focusing on the incredible potential that comes with the improvements in scriptability, data efficiency, privacy, and usability that will come with Taproot and Schnorr signatures, we'd like to use this issue to focus on setting appropriate expectations.
Taproot and Schnorr are going to be absolute boons for bitcoin usability that allow individuals to do so much more with their UTXOs. However, it is important to understand that these benefits aren't going to be immediate. They are going to come to market slowly over time as the software gets implemented into wallets and other services. Many are expecting Taproot to get activated over the weekend and all its potential benefits to be realized immediately. This is simply not the case and it is important that this fact is understood.
Bitcoin is a cathedral that is being built out and will continue to be built out for generations to come. Taproot and Schnorr represent new tools that we will be able to use to build out the cathedral in a more ornate fashion. However, this type of building can only begin when the tools are made available and not a second earlier.
The activation is a massive win, but it only the beginning of a new chapter. Keep your nose to the grindstone and get ready to play with some new toys.