Schnorr Is Looking Poised to Become Bitcoin's Biggest Change Since SegWit
The bitcoin upgrade Schnorr arguably took its most significant step yet toward implementation last week when influential developer Pieter Wuille unveiled a draft outlining its technical makeup. With the release, the idea, one that's been in the works by bitcoin developers for years, is one step closer to improving the scaling and privacy of the world's most valuable cryptocurrency.
Effectively, this sets up Schnorr as the next big change to bitcoin, meaning it will be the largest code change since Segregated Witness (SegWit), a pivotal bug fix that prompted a drawn-out battle in the bitcoin community last year before ultimately being adopted. At a technical level, adding support for Schnorr, a digital signature scheme, would give bitcoin users a new way to generate the cryptographic keys they need to used to store and send bitcoin. By doing so, it also paves the way for a number of exciting benefits, including tackling privacy and scalability, arguably two of bitcoin's most worrisome problems. Bitcion (BTC) is up 3.07% over the past 24 hours and is currently trading at $6,530.38. It can be bought with fiat dollars, debit, or credit cards on cryptocurrency exchanges such as Coinbase.com and CEX.io.