Bitcoin Developers has released most-waited Schnorr Paper for Scalability Gains

Nishanth Shetty

Nishanth Shetty

January 19, 2018 6:54 am

Bitcoin Developers has released most-waited Schnorr Paper for Scalability Gains | Coindelite News
39612 Total Views

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.

No Comments
Blockchain Tech will Help Liverpool become World’s First Climate-Positive City

As per a Local News outlet edie.net, the Liverpool City Council (LLC) declared that it would utilize blockchain tech to decrease the city’s climate impact. A tweet from the Liverpool City Council (LLC) describes that the effort to lessen the city’s climate impact is an aim to become the “world’s …

Costa Rican Employees are Getting Paid Legally in Bitcoin

Costa Rica which is located in Central America and ranked as one of the most visited international destinations is now open to Cryptocurrencies like Bitcoin. Costa Rican Employees has grabbed an opportunity to get paid Legally in Bitcoin. The national legislation specific provisions allow companies to pay their workers including …

Facebook Allows Cryptocurrency Ads for Coinbase

A few months back, several technology giants decided collectively to ban crypto-related ads. The list included Facebook, Twitter, Microsoft, and Google. The move was enforced as a means to curb scams and illegal activities that were conducted through the platform. After imposing a ban on cryptocurrency ads, Facebook has allowed …

An Expert says XRP is Not a Real Cryptocurrency

The cryptocurrency industry still faces arguments over XRP whether it is a security and it has remained as a famous debate. But, now an expert said XRP is not even a “real cryptocurrency,” and SEC will be issuing its official statement whether it considers XRP as security. We recently published …

Malta says New Cryptocurrency Rules aren’t yet into Effect

Malta’s new digital currency regulatory framework has not taken into force just yet. Three bills regarding digital currencies, distributed ledger technology, and blockchain, passed by Maltese Members of Parliament in June, set out many ambitious changes to the nation’s legal landscape overseeing digital currency-related businesses. Although, the Malta Financial Services …

Supreme Court of India Postpones Crypto Banking Ban to September

Indian Supreme Court has decided to postpone the case on Banning the cryptocurrency firms from receiving banking services that are appealed by Reserve Bank of India’s (RBI) The local news channel Inc42 has published a report saying that decision on the ban has been postponed to September 2011. The board of judges …