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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