Will the Bitcoin code get the long-awaited optimization?
Schnorr signature – new technology, which is to replace the existing Bitcoin signature system. The concept is so attractive that it should help to solve both network congestion problems and high fees that Bitcoin users sometimes have to deal with.
According to the creators working on this technology, the change would lead to an approximately 25 – 30% increase in Bitcoin transaction capabilities.
Yannick Seurin, cryptocurrency expert from the French agency Cybersecurity ANSSI, who worked on the Schnorr project, told CoinDesk:
Schnorr’s signatures and applications used in them arouse high hopes. As the recent debate on this subject proves, any improvement in performance is very beneficial for bitcoins.
In fact, the Bitcoin community has already joined several technologies to make Bitcoins more efficient, and thus cheaper, faster and easier to use. Schnorr is one of many, joining the FIBER network, optimizing P2P and, the most ambitious of all, the upcoming Lightning network.
Schnorr has recently become the focus of interest for Bitcoin’s most well-known developers, also due to other advantages such as improving privacy and reducing spam.
For example, Jonas Nick told CoinDesk that he was particularly interested in increasing privacy, which is no surprise to the Blockstream security engineer. However, he is also delighted with how Schnorr can work with other code changes to unlock more advanced use of Bitcoins.
I am particularly excited about the achievement of a goal in which smart contracts look like ordinary online payments, and Schnorr’s signatures play a key role there
On the other hand, Shnorr technology has been developed since 2012. For those taking part in this project, delays are not anything special. First of all, there are not many programmers who know enough about cryptoval and Bitcoin to help change, such as Schnorr. Secondly, Schnorr will be a very big change in the Bitcoin network worth over 100 billion dollars, so the technology requires extensive testing.
It is estimated that adding Schnorr to Bitcoin can take up to several years.