By putting consistent efforts, the development team of Binance is excited for the implementation of a powerful new technology. Binance announces the open-source implementation of a TSS library for Edwards-Curve Digital Signature Algorithm-(ECDSA) which aims to extend support for different blockchains like Cardano, NANO, Stellar Lumens, Waves, and Libra.
Binance announced the implementation of an open-source Threshold Signature Scheme (TSS) library three months ago, which is considered to be a major step taken by Binance that will further contribute to the development of open-source blockchain. The library is reconcilable with ECDSA-based blockchains, which comprises of Binance Chain, Bitcoin, and Ethereum networks, which is already used to build token swap bridges and more.
The Edwards Curve is the most recent cryptography used among the elliptic curves. The Elliptic curve digital signature algorithms can sign messages faster than algorithms such as RSA, DSA or ElGamal. When elliptic curves are joined with Edwards curves, the ECDSA uses a digital signature scheme which uses a variant of Schnorr Signature based on twisted Edwards curves.
The key feature of EdDSA signatures is that it gives faster validation which is both easier to understand and to implement. Along with that, it has provable security, which is strongly unforgeable. And it is linear, which means that the user can add multiple Schnorr signatures and as a result, we still get a valid signature at the end.
Binance has been aiming to prioritize security on the platform. The Kudelski Security, which provides cybersecurity solutions was approached to perform a security audit for the first version of the TSS-library. The new EdDSA makes sure that the new implementation checks are regularly done.
Binance aims to further develop this exciting new technology. It expects more members of the Binance ecosystem and the community to integrate the TSS library with their existing applications, such as wallets and custodians.
The Binance development team continues to research and work on a better assets management solution along with the Binance Chain community. The company believes that creating a healthy and supportive open-source community will be profitable for both, the Binance Chain community and the global crypto and blockchain community.