₿ To The Moon Schnorr - Bitcoin Advancements Are Happening
Over the last week or two bitcoin has been flirting with $9,000 but staying above $8,000 showing a huge support line at this point. Many think we are waiting for lightning to be adopted and used before the price begins to really climb again (in fact I am one of those people) Until recently I ran into Schnorr a system being developed for bitcoin that could boost transaction capacity by 25-30%
At the moment a number of projects are in the works and also Segregated Witness (SegWit) is now active on bitcoins network. Projects such as FIBRE network, peer-to-peer optimizations and of course Ligtning Network are all systems built around bitcoins core to reduce fees and improve transaction speeds. While they are still all currently being developed it does show that bitcoin can advance and adjust it just takes it a bit longer since the amount of people and market cap is so high it needs more votes to do so.
What is Schnorr
Schnorr relies on Segwit to work and will improve privacy on certain types of transactions and reduce spam that is known to clog up the network.(Yeah you know what Im talking about you bitcoin cash supporters wink wink )
Schnorr seems like it will take at least another year to be added and has been in development since 2012 however lack of developers knowing the code lead to this slow adoption. Not only that but Schnorr would totally upgrade bitcoins code so testing and more testing needs to be done to insure loopholes, hacks etc can not be formed.
As a side note I do like how Ethereum has recently opened their doors about recovering all the ETH coins lost when someone accidentally locked out a ETH wallet. This has lead to a possible retrieval of those coins (which honestly I hope does not happen) but instead building a system that is able to recover hacked coins (something I would like to see happen in the future) This would be something I would like to see bitcoin do if they are planning on adopting all of these outside systems this year.
On adoption... It's a challenge to cultivate patience around these upgrades. We see the promise and want the upgrades to be implemented now. We're all ready for the end-user applications but the base protocol is still being improved and optimized so the middleware/services layer can be stabilized -- and only then will there be an explosion in quality end-user apps.
I think that Bitcoin might actually be 2 years ahead of other crypto projects. The proper precautions are taken when upgrading the cryptography & protocols -- so Schnorr started a couple years ago. It takes that long and longer to consider the best implementation. It's not like upgrading a WordPress site or tweaking a Steem upvote algorithm.
On the middleware side, Lighting Network started a few years ago and is just now starting it's life on Bitcoin mainnet.
As long as Bitcoin can continue to roll out these upgrades in a stable way that protects all of us, Bitcoin could start look like the best protocol to develop on, not just the old dinosaur. Especially if other protocols and projects seriously stumble when they take off and real people start using them (scaling, security, etc...).
I'm not all that familiar with Schnorr, but if it succeeds that'd be great (from both a privacy and performance standpoint). I know that everybody thinks that Lightning will fix everything, but (at least to me) any off chain solution is only a band-aid fix that gives us more time to fix the real issue.
Totally agree with that. No one system is going to fix all and having many systems that are redundant will only help in making bitcoin even stronger as we continue to push forward.
That was my initial reaction as well about LN. If it isn't built into the blockchain, then rather sooner than later an in-blockchain solution will be needed.
Schnorr sure seems interesting but as you say it might take a year or two. Do you think its still gonna be an "upgrade" to the transaction capacity in a few years if it takes that long? Thanks for the post, didnt know about schnorr before!
A good question, I think the project might be taking on far to much and most likely be to late or end up forking due to an error somewhere. when you get humans involved who knows lol I have a feeling other systems will launch before this one does but still it is a good learning platform at the moment for developers.
Yeah, I agree, this is a fast-developing world - blockchains and cryptocurrencies - a lot can happen in one or two years. But maybe that's where LN finds its use? To fill in the gap?
Seems that Bitcoin's volume is really low...I almost could see Ethereum or Ripple in the near future taking over the lead.
Very possible I would prefer Ethereum to doing it instead of Ripple, Ripple just gives me a really bad feeling when you look into how its built out.
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Reading this post and all the comments, really makes me feel like a idiot when it comes to bitcoin. That's why I am so glad that there are people out there like yourself @bitcoinflood to keep me in the loop of what is happening. Once again thanks for the post and upvoted. Super Star ha