Bitcoin Developers has released most-waited Schnorr Paper for Scalability Gains
January 19, 2018 6:54 am
The Schnorr Paper for Scalability has been released by Bitcoin developers
A new research paper concentrated on Schnorr multi-signatures and composed by several famous bitcoin developers has just been released.
The paper was published on Thursday, the paper was written by developers Gregory Maxwell, Andrew Poelstra, Yannick Seurin and Pieter Wuille. It shows how Schnorr multi-signatures can be applied to the bitcoin, and though there’s no guarantee they will ultimately be used, this new release could mark an additional step in that direction.
Particularly, the Schnorr concept proposes bundling signatures into one small data entry, instead of having multiple signatures listed individually. The paper says it has the result of saving space on the blockchain, allowing it to process more signatures while increasing security.
Security is increased by allowing a multi-signature system, while at least two parties are required to confirm a transaction for it to process. This limits or prevents malicious parties from launching a transaction on another user’s account.
The paper’s authors quoted:
“The size of the multi-signature in that case grows linearly with the number of signers. In order to be useful and practical, a multi-signature scheme should produce signatures whose size is (ideally) independent from the number of signers and close to the one of an ordinary signature scheme.”
Schnorr signatures could provide more advantages as well if it is performed.
Gathering the data with one signature can limit spam on the blockchain. In simple words, instead of having many small blocks of data sent to the network, one single piece is sent, which can be processed faster.
Then, gathering data from different sources can improve privacy by making it more difficult to trace any single transaction back to its source.