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Blockstream introduced a new multi-signature scheme

7 November 2020
1 min.
Blockstream introduced a new multi-signature scheme

Bitcoin is preparing to implement privacy technology support

In anticipation of the future use of Taproot technology, Blockstream Infrastructure Company has started to develop a complete new schema designed to improve the existing mechanism for bitcoin transactions.

According to the Blockstream blog post, the proposed Msg2 (MuSig2) scheme contains two models and also reduces the complexity of transactions without any problem for the anonymity of people who use it.

According to Adam Back, CEO of Blockstream: "CheckMg (CHEKMULTISIG) is a traditional code for using multi-signatures that requires much less contact with the person involved in the transaction, but is less private than the MSg1 scheme, which requires additional steps in the authorisation process".

However, Msg2 will still remain anonymous to Msg1, but a small interaction between people involved in the transactions will be required.

In the future, this scheme will increase the anonymity of the lightning protection network and threshold signatures. These signatures are often used by both stock exchanges and asset custodians.

Blockstream plans to change the MuSig1 (MSg1) to MuSig2 (MSg2) in the Shnorr signature archive. The company has also made it clear that it can test Taproot technology on Liquid sidechain until the update is used in the main bitcoin network.

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