Published on October 12th, 2017 | by bitcoin0
Bitcoin Pushing for New Scaling Upgrade; SegWit Just the Beginning
Called “Schnorr signatures,” the idea is to strip out the Elliptic Curve Digital Signature Algorithm (ECDSA) that today supports “signature aggregation” on the bitcoin blockchain.
While that may sound complex, the change aims to consolidate activity that already takes place on the network with each transaction.
Under the ECDSA scheme, each piece of a bitcoin transaction is signed individually, while with Schnorr signatures, all of this data can be signed once.
And doing so could improve bitcoin in a few key ways, according to developers working on the effort.
Blockstream engineer Jonas Nick told CoinDesk that this method of mashing signature data together should be considered “low-hanging fruit for helping bitcoin scale.”