Bitcoin Cash, the fourth largest cryptocurrency, announced that they will be implementing Schnorr Signatures in the next few weeks, which will theoretically improve the blockchain’s on-chain security and privacy.
The #BitcoinCash (BCH) network is ever-evolving to bring you a better global currency. 🌐
On 15th May, #SchnorrSignatures will be added during a scheduled network upgrade, offering greater security, increased privacy, and faster transactions! 🖋️ https://t.co/0qngvT99OH pic.twitter.com/c3ry1GUMI8
— Bitcoin News (@BTCTN) May 1, 2019
Bitcoin has been struggling to scale and improve on privacy, which led developers to think of ways that will counter the shortcomings of Bitcoin. However, Bitcoin Cash has improved scalability and can settle transactions faster and more efficiently than its parent, Bitcoin.
Schnorr Signatures, in a broader context, is a method to aggregate all messages, public keys, and signatures of multiple transactions into a single one, instead of signing each transaction with its own signature, message and then sending it.
For improving the security and privacy of the blockchain, Schnorr Signatures will be implemented on the Bitcoin Cash blockchain on May 15.
The official announcement stated,
“On 15th May, the Bitcoin Cash (BCH) network will be upgraded. This hard fork will result in the introduction of an optional new way to sign your BCH transactions called Schnorr signature… Schnorr signatures will theoretically help to make your Bitcoin Cash transactions even more secure.”
The official announcement also added that smart contracts and multi-sig users will also see improved privacy after implementation. Further, a testnet has been launched, supporting Schnorr signatures, which can be used by developers to test the new feature prior to the official launch.
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SEC delays VanEck Bitcoin ETF decision, Ripple CEO on crypto’s future and more
Crypto News – 21 May – SEC delays VanEck Bitcoin ETF decision, Ripple CEO on crypto’s future and more
— AMBCrypto (@CryptoAmb) 21 May 2019
Daily Crypto News – May 21
1) TD Ameritrade invests in Eris-X: According to an official announcement, the organization revealed that they had made an investment in ErisX, a company which is planning to offer both cryptocurrency spot contracts and future contracts in a single exchange.
Read more at https://bit.ly/2w7Udiu
2) Tron DApps achieve new feat: Compared to Ethereum [ETH] and EOS, Tron registered a higher number of new users and active users. It noted 60k new users, while Ethereum reported 25K and EOS reported 9k. The active users on Tron’s DApps platform were 172k, followed by EOS with 170k and ETH with 54k.
Read more at https://bit.ly/2M0a4dN
3) Tron Weekly Report: The report said that the foundation had tested the block broadcast optimization solution, and the optimization solution for energy deduction in transaction failure. However, the Foundation was still working on the on-chain rate of transactions, which were broadcasted by GPRC.
Read more at https://bit.ly/2HDahhu
4) Bitrefill launches giftwards on Amazon China: This year saw the highest number of collaborations aimed at crypto-enablement. In yet another addition to the growing list of such collaborations, Amazon China has partnered with a Lightning network service provider, Bitrefill.
Read more at https://bit.ly/2WftMWQ
5) Bug bounty hunters receive huge reward: According to latest reports, ethical hackers ‘earned’ almost $32,000 in seven weeks by fixing bugs on Tron, Brave, EOS, Coinbase, and more, via bug bounty programs. Between March 28 and May 16, almost 15 blockchain ventures paid rewards to security researchers for finding vulnerabilities.
Read more at https://bit.ly/2M1SjL0
6) Circle’s Jeremy Allaire on SEC: In a recent blog post, the CEO stated that digital assets were a “fundamental new class of financial instruments”, one which could not be clubbed with categories such as securities, commodities, and currencies.
Read more at https://bit.ly/30uGrV7
7) Binance’s CZ global crypto-adoption: While speaking at the 10th Asian Leadership Conference 2019 in South Korea, Binance CEO Changpeng Zhao aka CZ, commented, “If you don’t want to be left out in the future, you will have to embrace it.” CZ added that cryptocurrencies “could not be ignored” and added that the ones who are doing so would end up making themselves “poorer”.
Read more at https://bit.ly/2LWYxvH
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