ECDSA has been the preferred signature algorithm for most blockchain networks for verifying ownership and transfer of assets on the networks. However, this complex scheme that has been used in Bitcoin since 2008 started to show its limits. For example difficulties in producing multisignatures and added complexity in second layer Bitcoin networks like Lightning and crhoss-chain atomic swaps. Last year, a proposal called MuSig, or MultiSignature Scheme, was made. It offers many improvements over ECDSA and is probably one the most important cryptographic improvements to Bitcoin that would help increase privacy and efficiency in transactions.
Andrew Poelstra, one of the key researchers and co-author of the paper published a technical overview on this upcoming cryptographic scheme and its applications.