Bitcoin Cash, the fourth largest cryptocurrency, announced that they will be implementing Schnorr Signatures in the next few weeks, which will theoretically improve the blockchain’s on-chain security and privacy.
The #BitcoinCash (BCH) network is ever-evolving to bring you a better global currency. ?
On 15th May, #SchnorrSignatures will be added during a scheduled network upgrade, offering greater security, increased privacy, and faster transactions! ?️ https://t.co/0qngvT99OH pic.twitter.com/c3ry1GUMI8
— Bitcoin News (@BTCTN) May 1, 2019
Bitcoin has been struggling to scale and improve on privacy, which led developers to think of ways that will counter the shortcomings of Bitcoin. However, Bitcoin Cash has improved scalability and can settle transactions faster and more efficiently than its parent, Bitcoin.
Schnorr Signatures, in a broader context, is a method to aggregate all messages, public keys, and signatures of multiple transactions into a single one, instead of signing each transaction with its own signature, message and then sending it.
For improving the security and privacy of the blockchain, Schnorr Signatures will be implemented on the Bitcoin Cash blockchain on May 15.
The official announcement stated,
“On 15th May, the Bitcoin Cash (BCH) network will be upgraded. This hard fork will result in the introduction of an optional new way to sign your BCH transactions called Schnorr signature… Schnorr signatures will theoretically help to make your Bitcoin Cash transactions even more secure.”
The official announcement also added that smart contracts and multi-sig users will also see improved privacy after implementation. Further, a testnet has been launched, supporting Schnorr signatures, which can be used by developers to test the new feature prior to the official launch.
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