Schnorr coming to Bitcoin in the next few months
Another key component to bitcoin scalability is finally here. The BIP (Bitcoin Improvement Proposal) has been submitted: https://www.reddit.com/r/Bitcoin/comments/8wmj5b/pieter_wuille_submits_schnorr_signatures_bip/?st=jjagc01b&sh=43ba929b
What does this mean? Well Schnorr is coming really soon. The code just needs to be tested more and adapted to the bitcoin codebase but most of the work is done. Mostly testing.
Will Schnoor need a hardfork?
Nope :)
Upgrading to Schnorr signatures merely requires a Soft Fork.
Benefits of Schnorr are:
- Onchain transaction size is reduced allowing for more transaction throuput. this upgrade would reduce the use of storage and bandwidth by at least 25%
- Better privacy for participants of a Multi-Signature wallets
transaction validate faster making bitcoin more secure and scalable
Rough estimates by Bitcoin Core developer Eric Lombrozo suggest that Schnorr signatures could eventually increase total capacity 40 percent or more - Combat certain forms of spam attacks
- Security proof: The security of Schnorr signatures is easily provable in the random oracle model assuming the elliptic curve discrete logarithm problem (ECDLP) is hard. Such a proof does not exist for ECDSA.
- Non-malleability: ECDSA signatures are inherently malleable; a third party without access to the private key can alter an existing valid signature for a given public key and message into another signature that is valid for the same key and message. This issue is discussed in BIP62. On the other hand, Schnorr signatures are provably non-malleable.[1]
- Linearity: Schnorr signatures have the remarkable property that multiple parties can collaborate to produce a signature that is valid for the sum of their public keys. This is the building block for various higher-level constructions that improve efficiency and privacy, such as multisignatures and others (see Applications below).
To learn about Schnorr read this post made by my friend @tipu
https://steemit.com/bitcoin/@tipu/the-next-big-thing-in-bitcoin-network-schnorr-signatures
BTC is still lumping behind in tech aspect, but it's good nevertheless.
Thanks for information!
wow great news!! Schnorr now gives a big benefits.. i am interested about it and waiting for the next month . thanks bro
Yep it going to be amazing :)
yes .. obviously
This sounds great. When you expect that this will be ready to implement?
I would think because there are no more big blockers or anyone outright blocking what every core dev put out before this year is over.
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That was a great news. I'll be glad to see Schnoor working. Nice post @sames