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Schnorr signatures - real help to bitcoin problems by whd

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· @whd · (edited)
$13.67
Schnorr signatures - real help to bitcoin problems
<center> https://preview.ibb.co/fZp26m/1_U5_H7_KAh9_Dz_Gcok_Tv_Mi_Ojyw.png </center>
Biggest bitcoin problem nowdays?  For sure it is scalability. To help with scalability it is possible to implement Schnorr signatures in the bitcoin blockchain, schnorr signatures are considered the simplest digitar signature scheme  but Schnorr algorithm has not been standardized due to the patent enforced on it.
<center> https://image.ibb.co/dyxBz6/1_L3_NV1ot_CXEB0_Y_fm_PJNWkg.png </center>
On the first picture you can see what is current situation in the bitcoin blockchain, every transaction needs signature but signatures takes much place in the block, Signatures are the largest part of a transaction, thats why less transaction can be put in one block. With Schnorr signatures it will be possible to sign transactions, send by one user from multiple sources by one user with one signature and save up space for other transactions, you can see it on the picture above.
# Future
Due to lack of standarization, we have to wait for the Schnorr algorithm implementation, because bitcoin needs secure and trippled checked solutions as it is the foundation of the cryptocurrencies anyway i hope that will be developed faster and we will avoid hard forks during the implementation process.
 <center> https://steemitimages.com/DQmWpisRXDF56mV3DgzzPUxb3R2ozseR48YVr2YKtwtrBcV/DQmWpisRXDF56mV3DgzzPUxb3R2ozseR48YVr2YKtwtrBcV.gif </center>
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vote details (18)
@gensek ·
Is there any estimation by how much shnorr signatures will extend block capacity?
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@whd ·
$5.58
Read that will be 25% at least
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@gensek ·
$0.06
Well that's not that much. SW gave us 70% schnorr will give us additional 25%, so at the end we will have like 210% of original capacity. If LN will not solve scalalbility problem, discussion about block size will have to be resumed.
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@henryks ·
$0.06
Hey!

i am absolutely with you and I hope the implementation wont take so long. Bitcoin has to be that safe nowadays more than ever!
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@whd ·
$5.69
Yes only safe solutions are accepted
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@laique ·
Nice Post Fri...
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@whd ·
$5.43
Thanks:)
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