Last week, influential developer, Pieter Wuille uncovered a draft which outlined the technical makeup of the Bitcoin upgrade. Now, with stronger foresight and passion, Bitcoin upgrade is all set to enter the implementation phase.
The idea which has been nourished among Bitcoin developers for many years is now one step closer to make an improvement in scaling and privacy. The objective of this release is to change the prospects of the most recognized and valuable cryptocurrency in the world.
Schnorr becomes the next big change to Bitcoin. It will be the largest change in code ever since the Segregated Witness (SegWit). SegWit is a pivotal bug fix that won a drawn-out battle in the whole bitcoin community in 2017 and is widely in use since then.
If we take a deeper look at the upgrade, we find that it has introduced a digital signature scheme. This scheme would enable the Bitcoin users to pave a new way to implement the cryptographic keys which they need to use to send or store their bitcoins. This also adds additional support to Schnorr.
It is expected that this application would lead the industry in a commendable way with numerous benefits, especially for the two most worrying problems of bitcoins which are tackling privacy and scalability.
Wuille said that it is building the block to a variety of improvements. He further added that there are some more amazing improvements which are yet to gain the attention of many and it’s ultimately up to the users to adopt it.
Currently, users make use of multi-sig transactions which are a user-friendly and more advanced type of transactions. They enable more than one person to sign on a transaction because of the bitcoin’s public ledger. However, Schnorr will induce another way and technique to make these transactions look alike as every other transaction. Schnorr has plans to lead these advanced transactions towards the cheaper wall as transactions now take an expensive path during congestion.
Referring to the improvement of Bitcoin, ‘Taproot’, Wuille said that due to the wealth of the new discoveries lately, these kinds of technologies should be developed step by step and his first focus is just Schnorr and Taproot. A developer, Riccardo Casatta commented that it looks like there are fewer detractors compared to SegWit. Let us patiently wait to see the impact these developments will create in the near future.