Blockstream Has Released An Upgrade Of Bitcoin Cryptocurrency Blockchain
On February 18, the tech company Blockstream published information about the Bitcoin cryptocurrency blockchain upgrade (BTC), called MuSig. The new technology aimed to improve the security of transactions with multi signatures.
In January 2018, the Bitcoin developers introduced the concept of MuSig technology. This is a protocol to allow a group of people to create a common signature for performing multi signature transactions. According to devs, MuSig is able to help to increase the BTC blockchain scalability, as this protocol reduces transaction size and therefore increases network performance.
Blockstream officials reported the decision to create MuSig was due to the need to improve the multi-signature transaction confirmation model. In the existing schemes for performing money transfers (Schnorr and ECDSA), developers have discovered vulnerabilities that might to gain access to the private key from the crypto wallet and, accordingly, theft of the virtual currency. MuSig uses a random secret word that is generated for each transaction. This increases the security of money transfers with multi signature.
MuSig software can be downloaded in GitHub. The developers offer everyone to test the new protocol and leave feedback about MuSig. In the future, Blockstream plans to develop the concept of Threshold signatures, according to which a certain number of users will be able to create a common signature for executing transactions without the participation of all group members.