Developers Upbeat that Announced Upgrades Will Enhance Bitcoin’s Scalability

News / 23.02.2020

The Bitcoin network is about to experience unprecedented scalability thanks to impending upgrades. Announced last month the Schnorr Signature and Taproot Softfork upgrades are the most ambitious that the decade-old network has undertaken yet.

Although initially a pull request, it transformed into a distinctive development when it became a formal proposition for a Bitcoin Improvement Proposal [BIP]. In addition to improving scalability to accommodate the daily users, the upgrade will enhance their privacy.

Simple and Efficient

The Schnorr signature scheme is simpler and efficient compared to DAS. Additionally, it dispenses off with bothersome security assumptions. 

Speaking in the latest edition of the Crypto Voices Podcast,  Blockstream’s CEO  Adam Back affirmed that the network has experienced many improvements in its technology and flexibility. For instance, it enables amazing multi-sig use cases. However, a major flaw remains its cost. Mr Back, therefore, insisted that  Schnorr’s ability to lower transaction costs would greatly enhance the appeal of multi-sig configurations.

Last year witnessed a snowballing of the quantity of Bitcoin stored using multi-sig P2SH addresses. This growth supports the argument that users would readily welcome the improvement protocols and the discounted costs.

Enhanced Bitcoin Network Capacity

BitMEX Research’s conservative estimates indicate that regardless of the current network usage, Schnorr’s full adoption translates into a 13.1 percent improvement in the network’s capacity. It noted that there could be more gains in the network capacity and space savings moving forward. 

Bitcoin isn’t the only network to introduce such features. Bitcoin Cash for instance completed its network upgrade in 2019, by implementing Segwit recovery and Schnorr signatures at block 582680.

Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.