Bitcoin Prepares for Massive Schnorr Update
Bitcoin has been consistently designing and developing a new upgrade to its system which will boost its speed, scalability and privacy systems. The upgrade named Schnorr is designed to free up more blockchain space by storing signatures and holding them safely.
Through its new purpose of storing signatures, the upgrade will provide a solution to excessive user and transaction traffic and the expensive traction fees included. The upgrade’s creators expect a rise of anywhere up to thirty percent in transaction volume for Bitcoin.
One of the upgrade’s developers, Yannick Seurin, explained that its digital signatures and its uses it provides a positive outlook. Regarding situations surrounding scalability, at this point, any upgrade to Bitcoin’s performance overall is welcomed.
The upgrade is a significant addition to Bitcoin’s operating signature system, the ECDSA. A big difference between the upcoming and current systems is that Schnorr is supported through secure algorithms with proof, unlike Bitcoin’s current one. An added bonus is grouping several signatures together and sending them to an individual address as a means of reducing traffic which will overall boost its performance.
Pieter Wuille, a BC programmer, revealed the initial planning of Schnorr, stating that its development will pave the way for upcoming enhancements to be implemented as a means of developing to a better scalability.
Despite consistently supporting the upgrade and its acceptance to its blockchain, Pieter understands that the community is the most viable voter and only through them will it be released or not.
As a means of discussing its adoption with the community, this proves that the entire community must agree and as of now, the upgrade proves to be on a path of integration to Bitcoin. SegWit, a bug-related solution was presented in 2016 after Bitcoin’s community heavily disputed its acceptance.