Overseas news: Bitcoin developers release long-awaited Schnorr protocol to increase scalability
A new research paper on Schnorr multi-signatures has just been released, and it was co-authored by several prominent Bitcoin developers
The paper, published on Thursday, was co-authored by developers Gregory Maxwell, Andrew Poelstra, Yannick Seurin and Pieter Wuille. It details how Schnorr multi-signatures can be applied to Bitcoin, and while there are no guarantees here that Schnorr multi-signatures will be used, the release of this new research paper marks a step in that direction.
Rather, a concept like Schnorr proposes to bind a signature to a small data item, rather than listing multiple signatures individually. This results in saving space on the blockchain, allowing it to handle more signatures while increasing security.
When adding security by enabling a multi-signature system, at least two of the counterparties need to confirm the transaction in order to process it. This restricts or prevents counterparties from maliciously passing transactions on another user's account.
The author record of the document states.
"In this case, the size of the multiple signatures grows linearly with the number of signers. To be useful in practice, a multiple signature system should produce signatures whose size (ideally) is independent of the number of signers and close to that of an ordinary signature system. "
As coindesk has previously reported. Schnorr signatures also provide additional benefits if implemented.
Bundling data with a signature can limit spam on the blockchain. In other words, instead of sending many small chunks of data to the network, one block is sent directly, which helps process the data information faster.
Similarly, pooling data from different sources makes it more difficult to trace the source of any single transaction, thus enhancing privacy.