- Schnorr signature will ensure Bitcoin scalability
- Taproot too will help perform same function
Bitcoin scalability is not exactly like it was when it began in 2009. It has evolved and its prioritization of being simple and being secured has been second to none.
That however, could be about to change soon. Bitcoin is about to experience two major upgrades in its technological infrastructure. Schnorr signatures and Taproot are about to change a whole lot of things about Bitcoin scalability and privacy from what we know it to be as transactions are about to become faster and more private.
How Schnorr signature could help bitcoin scalability and privacy
Schnorr signature works in a very similar way to a digital signature.
Bitcoin’s digital signatures are used to authorize transactions happening on your bitcoin wallet. The current algorithm being used, Elliptic Curve Digital Signature Algorithm (ECDSA), became the preferred algorithm to use when bitcoin began operation in 2009 because Schnorr’s signature was yet to be patented.
Though both algorithms carry out the same functions, Schnorr’s signature however is superior as it is more secure, has more features like it can allow spaces to be better saved and it would enable more privacy for users.
The coming of this new algorithm means that bitcoin would be making a massive 15% improvement in its space management and its privacy feature would also be improving as it would allow you to sign on several inputs at once.
How Taproot would hinelp
Do you know that Bitcoin has smart contract functions too? You didn’t? Well, now you do. Bitcoin has smart contract functionality but in comparison to that of Ethereum, it is still very limited in functionality.
Smart contracts generally have an issue with space. Taproot will be helping to solve this problem while also bringing in some privacy features along with it.
Taproot also helps to remove all forms of distinctions in all Bitcoin addresses which makes the transactions appear to be like every regular transaction.