The technology behind the blockchain industry and cryptocurrency have been deemed by many as a revolutionary development of the 21st century. The digital framework which maintains and improves the tech requires constant implementations to eradicate bugs and tackle issues like scalability and security attached to crypto-assets.
Bitcoin Cash [BCH] recently announced it was going to add Schnorr Signatures to the network to improve the security and enable faster transactions.
In the light of this event, Andrew Poelstra, the Director of Research at Blockstream, said that the implementation of Schnorr Signatures to Bitcoin would help the largest virtual asset create multi-signatures.
Poelstra stated that Bitcoin used ECDSA because of the open SSL library and during the early development of Bitcoin, it completely depended on open SSL for its core cryptography. He said the Schnorr signature provided a similar alternative to ECDSA in terms of size and performance characteristics, but it enabled Bitcoin to easily implement some of the “out of bound protocols” in the network.
The major plus point of Schnorr Signature was that it enabled the users to create a multi-signature between a group people where signers can come together to combine their public keys into a single joint key that represents all of them, and when they want to initiate transactions, they need to do an interactive protocol to produce a single signature to move coins from one wallet to another.
“You can do this in a way that the resulting signature has the same size and has all the same properties as a signal signature. You get better scalability and better privacy because they are no longer revealing the original participants or even the number of people participating.”
Additionally, Poelstra stated that if Schnorr signatures are implemented ECDSA will not be particularly “stripped out” and there was a possibility to have both.
“I think there is a possible way to remove ECDSA from the Bitcoin network via a soft fork but there is no particular reason to do that.”
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