This article was originally published on my medium page on 2020-08-18. This article was amended on 2020–12–20 to improve the description of the P2TR output scripts. Thanks to Matthew Zipkin, for pointing out the prior imprecision. The Bitcoin community has been abuzz for a few years about bringing Schnorr signatures to Bitcoin. Since then, the idea has evolved into three formal Bitcoin Improvement Proposals: ‘BIP340 — Schnorr Signatures for secp256k1’, ‘BIP341 — Taproot: SegWit version 1 spending rules’, and ‘BIP342 — Validation of Taproot Scripts’.