Bitcoin News

Bitcoin Cash signalling Schnorr signature upgrade

The bitcoin cash blockchain is about to experience an upgrade that goes by the name “Schnorr signature”. The upgrade is set to take effect around the 15th of may 2019 as a protocol upgrade. According to reports, the protocol upgrade will enable a number of new features once its activated.

One of these upgrades will be the schnorr signature which is expected to enhance the privacy features of the cryptocurrency and its performance. This will be implemented both for single and multi-signature transactions.

Teams have been hard at work for the implementation of this upgrade to the network including BCH ABC devs.

Bitcoin cash

Schnorr signature is described as:

“A cryptographic tool which allows for any actor in a group to sign, without revealing which actor did it. The idea was an introduction as a tool for whistleblowers, but is now most importantly used for anonymous cryptocurrencies such as Monero for the anonymity it provides.”

The Schnorr signature in a nutshell is basically a method that will compress digital signatures, in order to increase the privacy while adding efficiency.

Bitcoin Research

According to a report from a Director of Technology Research, Lucas Nuzzi mentioned that:

“While the ability to fuse keys may sound trivial, the benefits of key aggregation should not be implemented in Bitcoin via a standardised smart contract (yes, Bitcoin has smart contract too), called Pay-to-ScriptHash(P2SH). This enables users to add spend conditions called encumbrances to specify how fund can be spent e.g. only unlock balance if both Alice and Bob sign this message.”

This P2PH is required for the public keys of all the signatories participating in the multisig. The RSK network that is build on top of bitcoin also makes use of this feature.

The aggression of these keys will allow for a more efficient validation, as there only needs to be one key validation for the verification by the network to be valid. This will allow for its blockchain to run smoother with lower transaction fees and improved bandwidth.

There has been proposals for Bitcoin improvement since last year, but its live version might start to work later this year.

Most Bitcoin Cash enthusiasts may not be too happy with the fact that Bitcoin Core’s version of the Schnorr signature will be implemented first before the BCH version.

coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

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