- 1 The Bitcoin ecosystem is undergoing a major technical overhaul and ever since SegWit was introduced, developers have been working on integrating even more features to the crypto powerhouse.
- 2 Schnorr Signatures are a Major Breakthrough
- 3 There has been talk about bringing Schnorr signatures to Bitcoin for quite some time now. However, effectively ensuring that their code works well with Bitcoin’s existing technology is a different matter altogether. A draft outlining this implementation was revealed by Pieter Wuille late last week.
- 4 The main reason why Schnorr signatures matter is because they offer multiple improvements. First of all, they help in scaling Bitcoin beyond its current limitations. That in itself is always a good thing, as Bitcoin’s current throughput is very problematic for rather obvious reasons.
- 5 Another benefit of Schnorr signatures is how they can provide privacy features to Bitcoin. Although the world’s leading cryptocurrency doesn’t necessarily need more privacy or anonymity, it is still a feature a lot of users have requested over the years. Schnorr signatures may effectively make this happen sooner rather than later.
- 6 Bitcoin developers are seemingly optimistic and excited regarding the introduction of Schnorr signatures. Although no major issues have been discovered with the current BIP, there is still some work to be done prior to effectively implementing the technology.
- 7 Final Thoughts
- 8 Introducing Schnorr signatures will take a lot more time and testing than people may think. There will need to be a public consultation on this implementation and the gathering of comments from other developers. However, with that being said, it’s good to see Bitcoin contributors explore different options to make this currency better and more versatile.