A quick summary of upcoming BCH hard fork.
On 15th May, the Bitcoin Cash (BCH) network will be upgraded.
This hard fork will result in the introduction of an optional new way to sign your BCH transactions called Schnorr signatures.
But why are they beneficial? Without going into too many technical details, Schnorr signatures offer:
More security 🔒
Schnorr signatures will theoretically help to make your Bitcoin Cash transactions even more secure.
Increased privacy 👥
Smart contracts will become much more private and multisignature users will eventually see improved privacy, too.
Faster transactions ⏩
Signatures will take less space in transactions and are faster to verify, thereby allowing the network to move more efficiently.
What happens next? 🗓️
In the run up to the upgrade, we’ve launched a TestNet supporting Schnorr signatures. Developers are welcome to use this platform to test the new feature prior to the change going live.
We’re also planning to add a special tag into our Block Explorer so that all transactions signed with a Schnorr signature can be easily viewed on the BCH blockchain.
In the meantime, you can view our countdown to the upcoming hard fork here.