The Bitcoin Cash (BCH) chain has officially upgraded, adding Schnorr signatures and the Segwit recovery exemption. As of block 582680, the chain has implemented the new features successfully and BCH fans are celebrating another major protocol improvement.
Another Bitcoin Cash Upgrade Achieved
On Wednesday, May 15, the Bitcoin Cash network has completed yet another successful upgrade by implementing two new features — Segwit recovery and Schnorr signatures. Essentially, the Segwit recovery addition makes it possible for network participants to recover funds that have been sent to Segwit addresses by accident. The implementation makes an exemption following the enforcement of the new CLEANSTACK rule that made Segwit recovery previously impossible after the upgrade last November. But the high profile feature everyone’s been chatting about is the implementation of Schnorr signatures, a digital signature scheme that allows for complex signing abilities.
The signature scheme was invented by Claus Schnorr and cryptocurrency developers have been looking into adding the scheme for years but it was patented. Now that the patent has expired, Bitcoin Cash (BCH) developers ran with the idea and decided to add the preliminary basics of Schnorr signatures to the main chain. In conversation last week, developer Mark Lundeburg told news.Bitcoin.com that the basics of Schnorr signatures can slash roughly 4% off current transaction storage. In the future, after another Schnorr related upgrade, the scheme could provide for public signature aggregation and more complex sign-to-contract concepts.
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