Bitcoin Cash Readies for Another Hard Fork to Implement Schnorr as BCH Price Takes a Dip
- Schnorr update coming on May 15, 2019
- A hard fork to improve the scalability and privacy
- BCH price in the red and under $400
It’s been six months since Bitcoin Cash (BCH) went through a controversial hard fork that resulted in another coin Bitcoin Satoshi Vision (BSV). Now, BCH developers are planning to upgrade the network to include Schnorr signatures to provide more space while promoting scalability, privacy, and security.
Schnorr upgrade was initially proposed by Peter Wuille, the co-founder of Blockstream for Bitcoin. Although it is yet to be implemented in the leading cryptocurrency, Bitcoin Cash community has voted for this upgrade unlike their criticism on other developments such as Segregated Witnesses (SegWit), Lightning and others.
Scheduled for May 15, 2019, the hard fork is expected to get into effect today. A testnet for the same has been already launched to test the upgrade before the official launch.
Making BCH Scalable, Faster & Private
Bitcoin Cash proponent Roger Ver who claims BCH is the real Bitcoin says it has bigger blocks making the network more scalable, hence no need for implementing a second layer solution like Lightning Network.
However, despite all this, the adoption level of Bitcoin Cash is low and even more so in comparison to the leading cryptocurrency BTC.
Now, the fourth largest cryptocurrency in order to make the network more private and resilient is going for this hard fork that is replacing Elliptic Curve Digital Signature Algorithm (ECDSA) with a new signature protocol, the Schnorr Signatures.
In order to prove that you own a digital asset or to send funds to others, you have to sign with a private key which is ECDSA scheme but it lacks scalability and privacy features.
Unlike ECDSA, Schnorr signatures cut down the bandwidth requirement by a significant 25 percent, therefore requires less space. Additionally, it will verify several signatures at once which means this faster way of verifying signatures will improve scalability and privacy.
Schnorr signatures aggregate the signatures, messages and public keys of multiple transactions into one, enabling faster transactions.
Amaury Sechet, a Bitcoin Cash developer opted for the hard fork that enables the blockchain to deploy features with lesser codes.
On the price front, since April 2019, BCH/USD has been gaining momentum as it went from $170 to just above $400 in May 2019. At the time of writing, Bitcoin Cash has been trading at $382 with 24-hours loss of about 5 percent. However, till date in 2019, BCH is up 141 percent.