Technological developments within the cryptocurrency space is an essential aspect for the overall growth of respective virtual assets. In terms of advancement, it is necessary that every digital asset continues to develop and enhance its security aspect, block size, fundamental operations and remain secure from any cyber threat.
Adam Back, CEO of BlockStream recently spoke about the impending Schnorr signatures and Taproot protocol that is going to be implemented soon on its blockchain network.
He stated that Schnorr signatures were going to be more like “compact” particularly for multi-signatures, where three signatures will attain the same size in one signature. One of the major advantages, as listed by Back, was that it would reduce fingerprinting, which meant people will not be able to distinguish on the blockchain between a two and two signature and a single signature for example.
Back also explained the importance of Taproot, a different idea to Schnorr, which would enable users to further avoid cases of fingerprinting.
“The typical pattern 99% of the time, only one branch is used and occasionally something will go wrong and you will have to use the other branch, so for the cases where the branch is never disclosed, Taproot can hide the existence of the branch so you’re only disclose it if you need to use it.”
Back added that Taproot also improved the privacy, fungibility so that more transactions look similar and it will be difficult for potential threats to distinguish between transactions. He also suggested that it can minorly improve the scaling aspect because the signatures were smaller and the multi-sigs looked like single signatures.
Additionally, Back indicated that certain extensions can be implemented to Bitcoin itself.
“As Bitcoin gets to be more modular and more layered in the same way that other protocols like the internet are organized. With Bitcoin, there is already lightning for resource payments and liquids, which is is a side chain that blockstream has been developing.”
Moreover, Back did not indicate a specific launch date for the Schnorr signature and Taproot implementation and said that it should take place later this year or early 2020.