BCH Completes Update and Adds Two Major Features including Schnorr Signature
[ChainDD report] May 16 (ChainDD) Bitcoin Cash (BCH) network completed its update on May 15 EST and implemented two new features: Segwit Recovery and Schnorr signature. The former allows BCH network participants recover funds accidently being sent to Segwit addresses. And the latter, more anticipated by community, is a digital signature scheme, invented by cryptologist Claus Schnorr. It can help improve BCH privacy and scalability.
BCH developer Mark Lundeburg predicted last week that basics of Schnorr signature can reduce the current transaction storage by about 4%. After another Schnorr related update, BCH network may provide public signature aggregation. According to News.Bitcoin.com, if further updates and public signature aggregation implemented, BCH network could at least decrease blockchain storage and bandwidth by 20%-25%.