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.
Monero is one of the leading privacy coins on the market. A recent paper
called An Empirical Analysis of Traceability in the Monero Blockchain
argued that it might not be as private as
In this paper, we empirically evaluate two weaknesses in Monero’s mixin
sampling strategy. First, about 62% of transaction inputs with one or more
mixins are vulnerable to “chain-reaction” analysis — that is, the real input
can be deduced by elimination. Second, Monero mixins are sampled in such a
way that they can be easily distinguished from the real coins by their age
distribution; in short, the real input is usually the “newest” input.
However some of the issues addressed in the paper have already been addressed
by the monero dev team.
Blockchain forks have been a controversial subjects since the dawn of bitcoin, there’s two types of forks, one is called a soft fork, this adds more restrictions to the consensus on which the blocks are verified, a block that was deemed valid before the soft fork can be deemed invalid after it, while the other type of fork is called a hard forkm, and it is exactly the opposite, a hard fork loseens the restrictions on which the blocks are verified, so that a block that was deemed invalid before the hard fork can be deemed valid.
Blockstream announced on their
a paper they published, introducing
MuSig a multi-signature scheme based on Schnorr signatures.
While this work is a result of our research into Schnorr signatures for
Bitcoin, MuSig is a cryptographic construction that may be useful for other
applications. The paper and this post primarily discuss the cryptographic
properties of MuSig, and aren’t directly a proposal for Bitcoin.