Schnorr update is designed to solve the problem of blockchain scaling, improve security and speed of transactions. The previous large scaling solution for the bitcoin network was the jump of the blockchain to the Segregated Witness Protocol (SegWit). This update has inspired bitcoin developers to create other technologies that can optimize the network. However, as the Bitcoin.com founder Roger Ver has recently stated, SegWit is an untimely and weak solution that is unable to save the cryptocurrency. The updated Schnorr system will expand the transaction capacity of bitcoin by 25-30%. Schnorr signatures and services, based on this principle, are promising in terms of scalability and improving efficiency of the bitcoin network, said Yannik Seurin, a crypto-security expert. Schnorr signatures are designed to improve the current bitcoin transaction digital signature system – the ECDSA (Elliptic Curve Digital Signature Algorithm). The main difference of the updated system is the ability to sign all parts of a transaction with one signature, which increases scalability. According to Vuel, Schnorr update will open up new opportunities to build a more effective scaling system. At the same time, he says that the final word about introduction of the new technology in the blockchain rests with the bitcoin community, but already now many influential developers are ready to support the project. |
