New possibilities come to Bitcoin with the activation of Taproot on the network. However, the level of internet searches reveals widespread ignorance.
Shiba Inu and Dogecoin surpass interest in Bitcoin’s Taproot. The Internet public’s interest in Dogecoin (DOGE) and Shiba Inu (SHIB) exceeds that of Taproot, the most significant update in years made to the Bitcoin (BTC) network, according to Google Trends data.
The tool, which allows tracking the evolution of the most searched words through the popular Google browser, reveals that the values assigned to “Shiba Inu” stand at 45/100 points and 15/100 for “Dogecoin,” compared to 4/100 for “Taproot,” during the last several days.
It is even surprising that over time, the interest in Shiba Inu is higher than Taproot in absolute terms, with high peaks during the last weeks. However, this high level of interest in “dog assets” may reflect the arrival of the masses into the ecosystem. Many people may not have taken the time to learn in detail what could be of most value to the ecosystem concerning technology development.
Some people use meme cryptocurrencies for pump-and-dump schemes or scams that inflate prices. It is because these projects, usually without some novel technological feature or some value proposition compared to those that Bitcoin has had, tend to capture the attention of those who prefer to use their influence to persuade others to make a profit of their own.
Taproot – a giant unknown to the masses?
The low level of Internet searches on Taproot indicates that the masses are unaware of the importance of this proposal activated on the network to improve the Bitcoin protocol.
Taproot is the most awaited Bitcoin update in recent years. It was finally activated in the core protocol during the early hours of last Sunday, November 14, at block 709,632. Thanks to it, the network now has better tools to make transactions more private, efficient, and less expensive and make its Smart Contracts, using Bitcoin Script, more flexible and advanced.
Overall, Taproot brings many improvements and potential extensions to the software suite surrounding Bitcoin, including cheaper multisig wallets, more uniformity in the blockchain, possible improvements to the Lightning network, and more options for developers.
Just as SegWit started the Lightning revolution launched four years ago and recently reached 80% adoption, Taproot will also be a long-term upgrade. Therefore, not being aware of the new capabilities that will be available may leave many unable to enjoy them by using wallets or platforms that do not support this update.