Crypto News | Bitcoin scalability resolved soon?

Hello and welcome to our daily crypto news once again. The main thing we need to mention in this article is the fact that Bitcoin developers have released a paper dealing with Schnorr multi-signatures. By using these signatures, the blockchain could save space and increase its security, but it could also have a massive impact on Bitcoin scalability. Now, since Bitcoin scalability is one of the most important issues this cryptocurrency needs to address, this could have a huge impact on the whole industry. To explain what the Schnorr principle is all about, we will say that its main idea is to compress all signatures into one entry. At the moment, every signature is listed on its own, which is not that efficient. But this is all still a theory, so it remains to be seen whether or not the idea will be implemented, but everything certainly looks interesting. We will follow the development closely, but just the fact that the paper is out could boost Bitcoin temporarily.

As for other news, things are once again quite interesting in the United States. The government there is facing shutdown, which naturally had a pretty negative effect on the dollar. It index has lost 2% in 2018 alone. At the same time, the relations between the US and China are once again pretty tense. Donald Trump is pretty adamant about doing something about China’s trade practices which, he believes, are hurting the US economy. However, Chinese authorities believe the US president is bluffing, as any major changes in the way things work right now would hurt the United States, as well. Imports of steel and aluminum are the main sources of conflict here, but probably the most indicative piece of data is that, when it comes to trade between these two countries, China came out on top by 275 billion dollars in 2018. Whether the US has the strength to turn that around remains to be seen. 

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Author: Max Rothstein

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