Schnorr Signatures Bring New Proposal for Bitcoin (BTC) Enhancement
Schnorr Signatures Bring New Proposal for Bitcoin Enhancement
Blockchain signatures allow you to verify transactions. Once a user creates a hash of its transaction data, the hash for that transaction can be signed by the user's private key.
Signatures can be verified by anyone who knows the public key to the transaction. As such, they are one of the cornerstones of Bitcoin (BTC) blockchain. Eventually, they are the ones that allow us to solve the problem of double spending on blockchain, but let's say indirectly.
A current problem is that the signature system, known as the Elliptical Curve Digital Signature Algorithm (ECDSA), falls short when compared to a superior signature method, as in the case of Schnorr signatures.
For example, a Schnorr signature is a sign generated by a Schnorr signature algorithm, as its name implies. To use in the Bitcoin network, a proposal for improvement has been submitted. Its security is based on the intractability of discrete algorithms, which would propose a standard for 64-byte Schnorr signatures on an elliptic curve.
ECDSA does not have any demonstrable evidence in the Random Oracle model, while the security offered by the Schnorr firm does. Another point to consider is that ECDSA is malleable, because a third party may alter the valid signatures for a given public key.
As such, Schnorr firms reduce storage and bandwidth usage by 25%, as they have the ability to run Multisig. Using a program like MuSig, it is possible to produce combined public keys signed by several participants. This improves privacy and efficiency and allows the use of CHECKMULTISIG for grouping transactions.
The use of the standardized Schnorr signature is also very effective against spam attacks, such as those seen in Bitcoin's blockchain during the block-size debate. Several addresses sent coins to the same address in this type of attack and the system is at risk, so Schnorr signatures work in such a way that several addresses that send coins to the same address are sent in batches with a single signature.
Some applications of this enhancement also allow atomic swaps, through blind signings. And everything points to the Schnorr signature standard as the right way to go for the improvement of Bitcoin's (BTC) blockchain network.