Bitcoin Cash (BCH) to Implement Schnorr Signatures Before Bitcoin (BTC) Core


Bitcoin Cash (BCH) will be getting Schnorr B4 Core in the next network upgrade. Developer Mark B. Lundeberg explained that Schnorr allows for very simple multi-party aggregation schemes that end up producing an aggregated signature under one aggregated pubkey.

Schnorr Signatures Arrive at Bitcoin Cash

According to a recent article released by CoinSpice, the Director of Technology Research at Digital Asset Research, Lucas Nuzzi, explains that the benefits of key aggregation should not be underestimated.

Although Blockstream’s researcher Andrew Poelstra will be speaking about Schnorr Signatures in May, Bitcoin Cash will just be adding support for Schnorr Signatures.

The official Bitcoin ABC website reads as follows:

“May 15th 2019 protocol upgrade is now locked in. The protocol upgrade, once activated, will enable the following features: Schnorr signatures for enhanced privacy and performance, for both single and multiple-signature transactions.”

This tool allows for actors in a specific group to sign without revealing the information of the party that signed the transaction. At the moment, this is used for anonymous digital assets such as Monero (XMR).

According to Nuzzi the first problem with P2SH is that it requires knowledge of the public keys of all signers that participate in the multisig. This is a very inefficient system. Aggregating the keys makes it more efficient for validation since only one key needs to be verified by the network.

TrustNodes explains that Schnorr Signatures for Bitcoin are at the design stage, while Bitcoin Cash is going to be implementing them in the near future. There has also been a Bitcoin Improvement Proposal (BIP) and Blockstream has launched some code as well for Bitcoin.

Clearly, Bitcoin will not be getting Schnorr signatures in less than two months. Perhaps, later in 2019, the network could experience a soft fork in which Schnorr signatures will be added. Bitcoin Cash developers show that they are involved with the project and want to improve the network at all times.

https://bitcoinexchangeguide.com/bitcoin-and-top-altcoin-price-analysis-todays-btc-eth-xrp-bch-value-forecasts/

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