Taproot

Taproot, activated in November 2021, upgraded Bitcoin’s signature scheme (to Schnorr) and script system so that complex spending conditions — multisig, timelocks — can look identical to simple payments on-chain. Taproot addresses start with bc1p.

The result is better privacy and smaller transactions for advanced constructions, and a cleaner foundation for future protocol work. Adoption by wallets has grown steadily since.