Whether Schnorr is becoming a big deal for bitcoin?

franky1

legendary

Activity: 4424

Merit: 4794

Quote from: OmegaStarScream on February 12, 2018, 02:34:16 PM

It will solve the scalability issue and Spam attacks so It's definitely a big deal. It may take up to 2 years to get implemented according to Nicolas Dorier (A bitcoin core contributor) though.

solve spam attacks? lol
spammers spam because they want to spam. why would they decide to debloat their tx's.

spammers will just stick to spamming and no matter how many people use segwit, how many pople use LN, how many people use schnorr a spammer will still spam onchain.

what you should say is that mixers can compress their bloat of their batch tx's, exchanges can compress their bloat of batch tx's and save themselves a few sats per byte.. but stopping spam attacks.. thats a laugh

Washball

full member

Activity: 266

Merit: 151

First crypto index traded as a token!

Schnirr will absolutely solve the scalability issue. Storage and bandwidth will be reduced by 25% and privacy will be increased as Schnorr signatures will make multisig look like a regular signature. Transactions will be smaller, so they're cheaper.

VitKoyn

full member

Activity: 490

Merit: 106

Quote from: PRDAEcontact on February 12, 2018, 09:09:55 AM

"Called Schnorr signatures, the technology looks to replace bitcoin's existing signature scheme with one that mashes signature data together."
Whether Schnorr is becoming a big deal for bitcoin?

Schnorr signatures is a big deal for Bitcoin because it may solve some major problem that it has, that until now there is no effective solution that gets implemented. First, the scalability, today every transactions we do have its own signatures that makes every transaction size bigger but when we use schnorr signature, lets say that there are 5 sender and 1 receiver those transactions will only have 1 signature that can help reduce the transaction size and more transactions can fit and be confirmed in every block. Lastly it can help to stop those people to spam transactions in Bitcoin network that can also help reduce transaction fees. Hopefully it will get implemented sooner.

Carlton Banks

legendary

Activity: 3430

Merit: 3080

Schnorr sigs will be a big deal. Work is set to start this year, but as OmegaStarscream states, that could mean we're looking at sometime around 2020 till Schnorr sigs are activated on the network (it can apparently be achieved by a soft fork).

It might be an exaggeration to say Schnorr solves the scaling problem, but it will certainly help alot (supposedly 25-30% extra space will be made available on-chain*). Privacy will improve for certain transactions too.

* proponents of on-chain scaling will, of course, be against Schnorr sigs for some invented non-reasons

Quote from: kevoh on February 12, 2018, 03:23:13 PM

Bitcoin's already facing too much challenges making it lose its market dominance. Last time bitcoin hit all-time-high it was practically unusable and people moved to litecoin and ethereum to carry out transactions.

I wouldn't worry too much, Lightning will make a very large difference to the transaction capacity long before that. It's important to remember that Bitcoin's market position is mostly driven by real demand, not so easily said for most other cryptocurrencies. Also important to remember that Bitcoin is the leader because of it's the most highly used cryptocurrency network, and it has the engineering quality needed to support that level of use.

kevoh

full member

Activity: 448

Merit: 110

I hope this gets implemented on time. Bitcoin's already facing too much challenges making it lose its market dominance. Last time bitcoin hit all-time-high it was practically unusable and people moved to litecoin and ethereum to carry out transactions. Therefore, good news such as this Schnorr signature is welcome development although the two years being proposed for implementation might be a little to late for bitcoin by then.

OmegaStarScream

staff

Activity: 3500

Merit: 6152

It will solve the scalability issue and Spam attacks so It's definitely a big deal. It may take up to 2 years to get implemented according to Nicolas Dorier (A bitcoin core contributor) though.

PRDAEcontact

newbie

Activity: 46

Merit: 0

"Called Schnorr signatures, the technology looks to replace bitcoin's existing signature scheme with one that mashes signature data together."

Whether Schnorr is becoming a big deal for bitcoin?

Topic: Whether Schnorr is becoming a big deal for bitcoin? (Read 185 times)