Author: Jeremy Rubin 2015-08-28 22:36:25
Published on: 2015-08-28T22:36:25+00:00
The proposal suggests the addition of new types of signature schemes to Bitcoin and running lightning over multi-signature variants to utilize the advantages of multiple signature schemes without the drawbacks. The proposed scheme allows a user to use signature scheme B for the main set of negotiations and request switching to A when it's time to settle. ECDSA is the only signature scheme available in Bitcoin currently, but there exist a multitude of signature schemes with many unique properties. SecureRF has developed a novel signature algorithm based on the Braid Group which promises to be significantly more efficient to verify. By lowering the requirements to verify a payment, embedded systems could be made less expensive that can verify a lightning network payment. However, the scheme requires that new signature algorithms be added to Bitcoin, which may be difficult to implement.
Updated on: 2023-05-23T19:58:54.174124+00:00