Schnorr Signatures And Segwit Recovery Exemptions Launched By Bitcoin Cash In Latest Upgrade
- Bitcoin Cash implemented upgrade with Segwit recovery and Schnorr signatures.
- With the next upgrade, users may see a 25% reduction in storage space required with each transaction.
Though the progress of Bitcoin Cash has taken a little time, the firm announced the completion of another upgrade on May 15th. This upgrade included two features being added to the platform are Segwit recovery and Schnorr signatures. The Segwit recovery helps users on the network to recover their funds if they accidentally send it to Segwit addresses, using an exemption to the CLEANSTACK rule that was previously impossible with the upgrade in November.
The feature that many people are excited about is the Schnorr signature, which makes it possible to engage in complex signing. This signature was designed by Claus Schnorr, and developers have been wanting to add this scheme for quite a while, but they were up against patents that kept them from accessing it.
Now, the patent is expired, opening the door for the BCH developers to use the idea and add in Schnorr signatures to their blockchain. Developer Mark Lundeberg spoke with news.Bitcoin.com last week, saying that using the signature protocol reduces transaction storage by 4%. The scheme can ultimately allow for public signature aggregation with the next Schnorr-related upgrade, along with other sign-to-contract concepts.
Other improvements with Schnorr could make it possible to transact with multi-party aggregation schemes. The signatures use 64 bytes, unlike the ECDSA signatures that take up 70 bytes. With other upgrades, this space could be reduced by at much as 25% or more. Combining Schnorr with pay-to-public-key-hash addresses and similar concepts will allow for more benefits to be added to the transactions. According to news.Bitcoin.com, some of these benefits include decision-based smart contracts and improvements in privacy.
Due to the implementation that is presently on the BCH platform, developers will be able to create:
- Payment channels that look like ordinary payments.
- Atomic swaps that look like ordinary payments
- Payment channels that work in a similar way to the Lightning network.
- Secure chains with multiple parties for unconfirmed transactions
To commemorate the upgrade, the community and developers celebrated with the processing of the first Schnorr signature transactions on the main network, handled by programmers like Mark Lundeberg and Gabriel Cardona. As of 12:10pm EST, the Bitcoin.com news website stated that 26 blocks have already been processed with the new consensus rules.
Hours before, it looks like there was an attempt by an unknown user to create invalid transactions. While there were several Bitcoin ABC clients impacted by this exploitation attempt, a patch has since been integrated to correct the issue. Developers explained that the consensus upgrade did not cause the exploit, and the mining pools were immediately notified.
To further understand Schnorr signatures and how they impact the platform, two BCH developers created the articles below.
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