Bitcoin Global News (BGN)
July 17, 2018 -- ADVFN Crypto NewsWire -- Proposed upgrades to
the Bitcoin network haven’t exactly gone through without
controversy.
The last code change that was put
forward, titled Segregated Witness, or “SegWit,” caused an uproar in the
community that eventually engendered Bitcoin Cash.
Pieter Wuille, who some in the
industry consider to be the second most importantdeveloper
on the Blockchain network, was the one to release a draft of what
the latest proposed update will supposedly be.
According to a piece by
Coindesk, Schnorr, which is the update in
question, will be able to give Bitcoin network nodes an improved
way of creating the cryptographic keys, which are necessary for
moving and storing Bitcoin.
Judging by the same source, the
biggest benefits that arise from the core of what Schnorr is meant
to do are related to privacy and scalability. Wuille expanded upon
this idea, however, by adding that he truly believes that Schnorr
is the needed bridge towards different, future
improvements.
In addition to this, he made clear
that the choice to tack on Schnorr to the existing Bitcoin network
will be up to its users alone, which was the aim with
SegWit.
As of yet, it has not quite
been made public whether this means using something
like Delegated Proof of Stake, in
which users vote with their coins due to the network’s consensus
protocol, or something else entirely.
Since SegWit was the most
well-known recent update to Bitcoin, its logical to mention the
controversy that surrounded it at this point, in connection with
Schnorr.
In short, with SegWit, the Bitcoin
community became divided as mentioned above, due to an argument on
the ideal block size for the main Bitcoin blockchain and this, in
turn, created Bitcoin Cash from a version of Bitcoin.
All in all, everything depends on
the process moving forward without major divisions of any
sort.
In essence, the entire Schnorr
effort should work towards avoiding a fork that damages the system
in any way that can compromise its future.
If not, we could see less and less
of Bitcoin, however improbable that seems to be.
By: BGN Editorial Staff
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