The bitcoin cash blockchain is about to experience an upgrade that goes by the name “Schnorr signatures”. The upgrade is set to take effect around the 15th of may 2019, as a protocol upgrade. According to reports the protocol upgrade will enable the following features once its activated.
One of these upgrades will be the schnorr signature in order to enhance the privacy features of the cryptocurrency and its performance. This will be implemented both for single and multi-signature transactions.
There have been teams hard at work for the implementation of this upgrade to the network from the ABC devs as well.
He discribes the schnorr siganiture as:
“A cryptographic tool which allows for any actor in a group to sign, without revealing which actor did it. The idea was an introduction as a tool for whistleblowers, but is now most importantly used for anonymous cryptocurrencies such as Monero for the anonymity it provides.”
The Schnorr signature in a nutshell is basically a method that will compress digital signatures, in order to increase the privacy while adding efficiency.
According to a report from a Director of Technology Research, Lucas Nuzzi mentioned that:
“While the ability to fuse keys may sound trivial, the benefits of key aggregation should not be implemented in Bitcoin via a standardised smart contract (yes, Bitcoin has smart contract too), called Pay-to-ScriptHash(P2SH). This enables users to add spend conditions called encumbrances to specify how fund can be spent e.g. only unlock balance if both Alice and Bob sign this message.”
This P2PH is required for the public keys of all the signers participating in the multisig. The RSK network that is build on top of bitcoin also makes use of this feature. The aggression of these keys will allow for a more efficient validation, as there only needs to be one key validation in order for the verification by the network, in order to be valid. This will allow for its blockchain to run smoother, with lower transaction fees and improved bandwidth.
There has been Bitcoin improvement Proposals since last year, but its live version might start to work later this year. Most Bitcoin Cash enthuasist may not be too happy with the fact that Bitcoin Cores version of the Schnorr signature will be implemented first and then the BCH version. However, some may try to rus out this proposal which was suggested back in 2014. But this will require a testnet and this not as of yet been implemented.