Blockstream Is Working on Simpler, More Private Multi-Sig Bitcoin Transactions

Forums Crypto News Blockstream Is Working on Simpler, More Private Multi-Sig Bitcoin Transactions

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    With Bitcoin’s long-awaited Taproot upgrade on the horizon, the engineers at Blockstream are working on a new scheme to improve multi-signature transactions.

    These transactions, which require signatures from more than one private key to authorize spends, will stand to benefit from Taproot. This upgrade implements Schnorr signatures into Bitcoin’s codebase, a cryptographic signature scheme that will make creating and executing smart contracts easier on the network.

    In a post-election day blog post, Blockstream engineers Jonas Nick and Tim Ruffing lay out a new multi-signature design that would reduce the technical complexity of multi-signature transactions in a way that still preserves privacy.

    Nick and Ruffing, alongside French National Security Agency member Yannick Seurin, published a cryptographic e-journal on this MuSig2 design that is currently undergoing peer review.

    Read more: Bitcoin’s Future: Exactly How a Coming Upgrade Could Improve Privacy and Scaling

    ‘Non-interactive signing’
    MuSig2 combines the strengths of the two leading multi-signature designs without sacrificing trade-offs.

    Bitcoin’s oldest multi-sig trick, the ‘CHECKMULTISIG’ OP-code, for instance, requires less communication from the signers of a multi-sig transaction but is less private than the MuSig1 multi-signature scheme, which improves user privacy at the expense of adding extra steps to the signing process.

    Specifically, MuSig1 requires the parties in a multi-signature transaction to communicate in multiple rounds to approve a transaction.

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