Bitcoin developers propose upgrade to cut transaction fees by up to 27%

Bitcoin developers have uploaded three new Bitcoin Improvement Proposals, or BIPs, to Bitcoin’s proposal repository on GitHub aimed at lowering transaction fees. The proposals center on signature aggregation, a technique that combines multiple signatures into one to reduce transaction data size. Under the proposals, fees could be cut by as much as 27.3% for a transaction with 100 inputs and one output. The figure, however, is based on a simulation assuming a specific transaction structure, and real-world deployment on the network would require wallet upgrades and a separate activation process.