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While Bitcoin is gearing up to support Taproot privacy technology and Schnorr signatures, developers at Blockstream have introduced a new version of MuSig2 multiple signatures.
In a blog post from the company, developers Jonas Nick and Tim Ruffing have proposed a new multi-signature transaction scheme. It should reduce the technical complexity of multi-signature transactions while preserving the privacy of the participants in the transaction.
The proposed multiple signature scheme takes the best from the previous methods. The old version, called Checkmultisig, requires less interaction between participants, but provides a lower level of security and anonymity. Modern MuSig1 offers a better level of anonymity, but requires more interactions to confirm a transaction.
MuSig2 will provide the same level of anonymity and security as MuSig1, but will reduce the number of participant interactions to two. MuSig2 can also improve the privacy of the second level Lightning Network solution and the so-called threshold signatures, which are often used by exchanges and custodial services.
In a blog post from the company, developers Jonas Nick and Tim Ruffing have proposed a new multi-signature transaction scheme. It should reduce the technical complexity of multi-signature transactions while preserving the privacy of the participants in the transaction.
The proposed multiple signature scheme takes the best from the previous methods. The old version, called Checkmultisig, requires less interaction between participants, but provides a lower level of security and anonymity. Modern MuSig1 offers a better level of anonymity, but requires more interactions to confirm a transaction.
MuSig2 will provide the same level of anonymity and security as MuSig1, but will reduce the number of participant interactions to two. MuSig2 can also improve the privacy of the second level Lightning Network solution and the so-called threshold signatures, which are often used by exchanges and custodial services.