While this cryptocurrency rallying cry is typically used as the price of a coin starts a climb, this time the slogan's being used to demonstrate excitement over the progress that's being made on a long-anticipated bitcoin code optimization.
Called Schnorr signatures, the technology looks to replace bitcoin's existing signature scheme with one that mashes signature data together. The concept is so attractive partly because it clears up space in the blockchain, which should help resolve both the transaction backlog and high fees bitcoin users sometimes need to deal with.
According to developers working on the technology, the change would lead to an estimated 25 percent to 30 percent boost in bitcoin's transaction capacity.
Yannick Seurin, a cryptographer at French cybersecurity agency ANSSI, who's been working on the cryptography behind Schnorr, told CoinDesk:
Indeed, the bitcoin community has united around several technologies to make bitcoin more efficient, and as such, cheaper, faster and easier to use for payments. Schnorr is just one of many, joining FIBRE network, peer-to-peer optimizations, and, the most ambitious of all, the upcoming Lightning Network.
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Another small step. I hope the Lightning Network is coming soon
Yeah this is a great thing. It also makes the wallet softwares run faster / use less resources, as they no longer need to cryptographically sign a whole series of UTXOs to put together a transaction, but sign the whole batch once. Important for less capable devices like mobile phones too.