Every major miner has now signalled for the taproot upgrade with at least 1 block. It's takes a little while for their entire operation to signal every block, so we will miss activating taproot this round, but next one it is definitely going to happen. Good news in an otherwise shitty past day.
https://taproot.watch/minersAnyone have a good ELI5 link for taproot?
I read the ELI25 for taproot and I'm still not 100% certain what it does but I'll give it a shot.
It allows for multi sig, time delayed, and a few other types of transactions to happen in many different combinations in a transaction without any new load to the transaction and no way for anyone to know the structure of the transaction.
Please, anyone correct me but an example would be:
Alice and Bob create a transaction where Alice can get the funds after 1000 blocks alone or earlier with a signature from Alice and Bob. On the blockchain when Alice claims the coins after 1000 blocks nobody knows that Bob was even involved.
That is likely oversimplified.
One of the key things that people are taking away from this is the process of implementing the upgrade. It appears that the process they chose is confirmed to work with Taproot opening up the future for such well supported upgrades.