Thinking of Increased Access to the Blockchain? Think Schnorr Signatures

“To the moon!”

Even though this is a statement that is usually used to signify how far cryptocurrency prices will go, this time around it is being used differently to express the joy surrounding the headway that Bitcoin is expected to make in its new breakthrough.

Referred to as the Schnorr signatures, the recent development is expected to take over the previous Bitcoin program with a new one that brings together signature data. The idea is a brilliant one given that it creates more access to the blockchain thereby facilitating smoother transactions while also lowering the transaction cost that users are currently grappling with.

Developers working on the program estimates that the new development will result in 25% to 30% increases in Bitcoin activities.

Yannick Seurin, a cryptographer at French cybersecurity agency ANSSI who has been working with Schnorr explained in an interview that the new program creates new found hope as any new step that is taken towards improving the efficiency of Bitcoin will be considered valuable.

As a matter of fact, the Bitcoin community has come together to facilitate faster, affordable and accessible Bitcoin transactions. Schnorr is one of the few alternatives in addition to FIBRE network, peer-to-peer organization and the aspiring Lightning Network.

However, Schnorr has taken the spotlight for most leading developers.

But this is not as a result of the newly introduced Segregated Witness (SegWit) on Bitcoin but rather on the benefits that Bitcoin could gain from the program especially when it comes to improving the security of some transactions and cutting down on backlogs.