Not Long Now
After much anticipation, the latest upgrade for Bitcoin is just around the corner and its impact will indeed be huge. Schnorr is expected to be released soon but has been in the making for the last six years.
So why the delay? With limited resources in terms of experienced developers – a problem industry wide – and the very necessary testing period comes the need for time and money. Both of these cannot just be found in a couple of years and with such a massive upgrade, the testing period is absolutely critical. There have also been several bugs to contend with which have now all been fixed but these still took time to resolve. Work on the next changes is already in progress with several improvements already noted.
The Changes Are?
This Schnorr enhancements will see the code for the Cryptocurrency refined. Schnorr signatures – the title for this new version – will completely override the current signature set up on Bitcoin. in a very clever development, the replacement will actually merge signature details together to allow a lot more space on the blockchain. In turn, this will allow for a lot more room for transactions to take place. Estimates such as an increase in volume for transactions of between a quarter and a third are being quoted. This is a big amount and a big deal.
Schnorr will provide a great deal of improvement for users including a much better level of security on some transactions as well as a much needed decrease in the amount of spam. Other upgrades include a lot of work on the Bitcoin Smart Contracts as well as making the scalability of the product a whole lot better. This new release is also being seen as the foundation for a whole host of other improvements to be made in the very near future. Many are very keen to see how the new and improved system will work and how effective it really will be and this is no surprise.
The Launch Date
The latest news is that details regarding the technical side of Schnorr have just been released proving how close we are to the launch of the new version. However there is still a little way to go yet. This product needs to be absolutely market ready for many reasons but when you look at how big this change is you realise even more the importance of all of the the testing and final refinements. Little adaptions are happening every single day on Bitcoin however, this new upgrade sees changes being made to the most critical elements of the Cryptocurrency.
What is fabulous about code upgrades like Schnorr is that we really are now beginning to see the real benefits of Cryptocurrencies just starting to emerge. it really is an exciting time for the industry and the world as a whole with new technology proving just how much it can do for so many people and so many industries. This book is certainly keeping every one on the edge of their seats as each chapter unfolds.