Blockstream develops new multisig standard for bitcoin blockchain
Blockstream Developers Prepare MuSig2 Scheme To Improve Bitcoin Multi-Signature Transaction Capabilities.
These transactions require approval from more than one private key holder and will be taken to the next level with the upcoming Taproot update. It will allow Bitcoin to support Schnorr signatures and more complex cryptocurrency use cases. The development of Blockstream, on the other hand, will help reduce the technical difficulties of creating such transactions while maintaining user privacy..
MuSig2 combines the advantages of the two main multisig models without overcoming their disadvantages. Thus, the oldest bitcoin operating code for invoking the multisignature “CHECKMULTISIG” requires less interaction between the signers of the transaction, but is less private than MuSig1, which increases privacy by adding additional steps to the authorization process. MuSig2 will retain the privacy benefits of MuSig1, but will require only two rounds of interaction between signers.
“It offers the same functionality and security as MuSig1, but makes it possible to eliminate almost all stages of interaction between signers. In MuSig2, signers only need two rounds of engagement to create a signature and, crucially, one of these rounds can be pre-done before signers know the message they want to sign, ”explains Blockstream.
MuSig2 will also leverage the privacy features of the Lightning Network and improve the so-called threshold signatures, which are often used by exchanges and custodians to store assets..
If Taproot activation begins in the coming months, Blockstream will replace the MuSig1 standard with the MuSig2 standard in the Schnorr signature library. The company also admitted that it could test Taproot on its Liquid sidechain before the update goes live on the Bitcoin mainnet..
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