Bitcoin developers presented a scalability solution
On January 18, well-known bitcoin developers, including Greg Maxwell, and Peter Wool, published a study of how the multi-signature Shnorra can solve the scalability problem of the bitcoin network.
The creator of this mathematical scheme is Claus P. Schnorr. Its main advantages are high accuracy, a speed of transaction confirmation and support for multi-signatures.
A multi-signature is a grouping of signatures, not their existence separately. It is logical that the information on signatures makes the transaction more and heavier, and therefore more expensive. Users are forced to pay for a place that can be released and used for the following transactions.
“We believe that the mathematical scheme of multi-signatures must create them in such a size that it is independent of the number of signatories and was similar in size to the usual scheme of signatures. Then the multi-signatures will be practical, “say the developers.
The data in one beam will also help to reduce the overload of the blockchain – a group of data written in one block will be processed faster than a set of blocks of small size.
It is important that before the introduction of SegWit in the summer of 2017, the mathematical scheme of Claus Schnorr could not be applied in practice to the bitcoin protocol because it was embedded in a different scheme of signatures – ECDSA, which could not be changed without hardcore. The Shnorr scheme will become an alternative to SegWit2x, which is a rather aggressive scalability solution.
At the same time, security will come to a new level, because with the system of multi-signatures, the transaction must be confirmed by at least two parties before processing begins. It’s not difficult to understand that this will greatly complicate the life of intruders (if not completely nullify their activities), which can try to make a transaction from someone else’s account. Also, anonymity along with the introduction of multi-signatures will increase because isolating the source of the transaction from the grouped data will become much more difficult.
This news added belief in bitcoin to ordinary users, even those who believe that the cost of bitcoin is contrived, and predicts his imminent death.
“Bitcoin is still far from stagnation and death. Already in the near future, he will breathe in full breast thanks to the scheme of multi-signings Shnorra “, – summarize users cryptocurrency.