When it comes to layered security, all those trading in the cryptocurrencies reaches to the point of no return. The added security from different layers makes it difficult to breach the funds even if they do end up breaking in the blockchain which in itself is a big challenge. With Schnorr Signatures coming to BTC on 15th May, this added security will make them elated.
Schnorr Signatures is a digital signature scheme that will allow BTC users to build complex cryptographic keys. Moreover, it would take up less transaction size than the multi-signature aggregator.
The results are the same for both aggregators, but since there’s only one signature in Schnorr and not a host of them, it will reduce the bandwidth and blockchain storage. The transaction size will reduce to as much as 4% while providing other benefits as well.
Other Benefits of the Schnorr Signatures
There are a number of other benefits to using the Schnorr Signature, like hiding the payment channels and Atomic swaps as ordinary payments. The chains of unconfirmed transactions involving multiple parties are also secured.
Once the planned BTC upgrade goes live on 15th May, these changes would only be reflected the seasoned traders, just like some of the previous upgrades. It would only visible to some. And since this is an optional feature, people may not even choose to implement it. However, it goes without saying that the benefit of the added security is enough to ask you to implement it.
There are more technology upgrades coming up in the next quarter and some of them will be related to the Schnorr Signatures so it is highly possible that it might end up being the only way of doing business on BTC and there’s nothing to be afraid of because it’s a much better alternative and those who know it are already awaiting its release.
The scheduled BTC fork
If you are a BTC fan looking forward to these implementations being made to the platform, you could actually see the changes being made real-time on 15 May. You would just need to head to the website of Coin Dance, and you would see the various changes being made. You could see if the consensus changes are implemented as discussed. Mark your calendar for the event and head down to the website for the same.