The Bitcoin Cash community is gearing up for an upgrade on the network that would see Schnorr signatures, increase in privacy, and faster transactions implemented on the blockchain.
Bitcoin Cash Hardfork to Introduce Significant Upgrades
On May 15, 2019, the Bitcoin Cash network will undergo a hardfork. The update will lead to the implementation of some critical upgrades to the blockchain. The hardfork will see the integration of a new way to sign your BCH transactions called Schnorr signatures.
The Schnorr signature is set to bring several improvements to the Bitcoin Cash network. In the first instance, it will help increase the security of the blockchain. Schnorr signatures would achieve this by helping users keep their BCH transactions more secure.
Secondly, the privacy on the network would increase. Due to the Schnorr signatures upgrade, the smart contracts to be carried out on Bitcoin cash’s network would become more private. Also, multi-sig users would also experience a boost in their privacy.
Lastly, the Bitcoin Cash network would experience faster transactions following the hard fork event. The Schnorr signatures would occupy less space during transactions, making them faster to verify. Thus, this allows the network to move quicker and more efficiently.
The Schnorr signatures upgrade is expected to take the entire day (Wednesday, May 15). In preparation for the network update, the development team launched a testnet supporting the Schnorr signatures.
The team is inviting developers and other cryptocurrency enthusiasts to use the testnet platform to examine the new feature before it goes live. The development team is also looking include a unique tag into their Blockchain Explorer to ensure that all transactions carried out with the Schnorr signatures would be easily visible on the BCH network.
Bitcoin Cash Remains a Leading Cryptocurrency
The Bitcoin Cash network experienced a split a few months ago that led to the creation of Bitcoin SV. While Bitcoin SV has endured a torrid time over the past few weeks, Bitcoin Cash to be one of the leading digital currencies in the world. Ahead of EOS and Litecoin, Bitcoin Cash is currently the fourth largest cryptocurrency by market cap.
Since the start of 2019, there haven’t been many event by the Bitcoin Cash community. So far, only five events have taken place since January, with the last one being the Bitcoin Cash meetup in Singapore last month.
The BCH community would be excited about the upcoming upgrade due to the positive developments it would bring to the network’s security, transaction speed, and privacy.
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