Using Bitcoin can be daunting even with the best tools. Bitcoin Core is currently in the transition phase to implement high-end scalability solutions. This would be the 17th version of the software. A host of new features will be added to this update, including improvements to the software’s default digital wallet and storage of Bitcoin’s private keys.
A new “language”
The next upgrade of the Bitcoin Core software should include a new language proposed by Peter Wuille – the developer known for his innovative contributions, including Segregit Witness (SegWit).
The linguistic introduction aims to add additional data to existing keys.
It’s a “healthy” alternative to the current “count” system, according to Andrew Chow, a popular Bitcoin Core contributor. Users should be able to label their accounts as “savings” or “donations”. Also, the introduction of the new language will allow the keys to move from one wallet to another while keeping the information intact.
Earlier use of accounts has always been problematic, portfolio shifts sometimes confusing what we could or could not unblock. Thanks to this new version, the language implements a dynamic key system, which makes it possible to move the same key from one wallet to another, avoiding tedious maneuvers for the users.
Each key is specified by a label that clearly and accurately describes what it can unlock, this initiative will completely change the way users view and use digital wallets. To simply define what has changed, we must think of the practicality of a language that transposes programming from one portfolio to another, and automatically without the user needing to install or reconfigure anything. either , it is clearly the speed and ease provided to users.
Developers expect the language to find its way into the codebase during future software updates.
Bitcoin transactions partially signed (PSBT)
The new version of the software has other interesting changes, including PSBT or Partially Signed Bitcoin Transaction. The particularity of the Bitcoin Core portfolio, like its predecessors (the earlier versions including BitcoinQT) , is its secure functionality which consists in downloading the entire Blockchain (block set) so that each user is a “full client”, that is one more member that builds trust and control over the data. However, this system requires a considerable resource and requires a huge amount of time to execute the transactions (given the number of current clients). It is in this perspective that the Bitcoin Improvement Proposal 174 or BIP was installed in the new update, in order to offer users to perform offline transactions, which allow pre-signing before saving them on the Internet. set of nodes, via the famous PSBT.
The BIP 174 standard also affects the functionality of physical portfolios like Trezor or Ledger . These are well designed to avoid hackers and online system bugs (by keeping the keys in a personal electronic box). However, they do not provide a better service in terms of accessibility, so that each hardware uses clean software that is not compatible with others (the case of Trezor which only uses Electrum for example). BIP 174 will catch up with support for the various hardware portfolios (unconfirmed code), which will surely end the practical issue that differentiates the physical portfolio from the online portfolio.
In addition, Andrew Chow claimed that the Bitcoin Core software offers a much safer way to use Bitcoin. According to him :
“PSBT will enable Bitcoin Core to more easily support hardware portfolios and have the best offline wallet configurations. I am currently working on hardware portfolio support for Bitcoin Core using PSBT. SPV portfolios carry risks for privacy and potentially for security because they require the presence of an intermediary to perform the Blockchain audit. However, once Bitcoin Core supports hardware wallets, users will be able to use its Blockchain instead, and since it has a complete node, the user does not need to rely on a third party to check that everything has been correctly done. “
Moreover, the code change should implement partially signed Bitcoin transactions and give a boost to the privacy features of the flagship cryptocurrency and smart contracts.
“PSBT also makes things easier like multitags and CoinJoins. “
A dynamic wallet
In addition to the new language and PSBT, other upgrades accompany the Bitcoin Core code change.
The creation of a dynamic digital wallet is one of them. Developers will then be free to load, unload and create portfolios when the software is running. Moreover, the developers do not hide their optimists about this improvement.
“There are some versions [of that], we introduced the possibility to use several portemonnaies in Bitcoin Core. However, it was necessary to start the Bitcoin Core configured for multiple portfolios. Now you can load, unload and create wallets when the software is already running, “Chow said.
The selection of cryptocurrencies could also provide a significant improvement in network scalability in general, which will reduce transaction costs at the same time. It is a renovated method, potentially better than the old algorithm. Although the main code for this feature was added 6 months ago, there will be some privacy level settings in the 17th release.
The remaining changes will be described in detail in the notes of the final version . They will be disclosed at the same time as the last code tested.
Despite the proven enthusiasm of developers, these upgrades may seem minimal. Few people use Bitcoin Core. This software needs 200 GB the size of a laptop, and downloading the Blockchain takes a while.
Excited to see all the interesting ways BIP174 will be used.https://t.co/BcAPqIqYok
This is going to be fun ?
— Doug (@docbtc) July 19, 2018
However, upgrades are only intended to make the code easy to use and configure. One day, anyone who wants to look at this code can do it easily.
What do you think about Bitcoin Core software updates? Comment in the comments section below.