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Homepage / News November 18, 2017 290 views

Amaury Séchet Proposes New Bitcoin Money Address Format for January 14

Amaury Séchet Proposes New Bitcoin Money Address Format for January 14

Amaury Séchet Proposes Bitcoin Cash Address Format for January 14


This week, the lead developer for Bitcoin ABC, Amaury Séchet, sent out a proposal by means of the developer’s mailing list to upgrade the address format for the Bitcoin Cash (BCH) network. Séchet says the require to modify the address format is “pressing” and the developer suggests aiming for deployment around January 14, 2018.

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Bitcoin ABC Developer Amaury Séchet Proposes New Bitcoin Money Address Format

Amaury Séchet Proposes Bitcoin Cash Address Format for January 14Back in October, reported on BCH developers discussing a adjust to the network’s present address format. Proper now, there have been troubles with folks sending BCH to BTC addresses or vice versa making the mistakenly sent funds unspendable. Bitcoin ABC’s lead developer, Amaury Séchet, has announced proposing to repair this issue following the new year with a new address format known as the “Cashaddr format.” The protocol is based on operate created by Rusty Russel – who helped configure the format from a codebase known as “bech32,” proposed by bitcoin developer Pieter Wuille.

“Bitcoin Cash has been in need to have for a new address format for fairly some time — There is an quick issue as people mistakenly send BCH to BTC address and vice versa, which is created worse by the fact that Segwit on the BTC chain had the brilliant idea to leverage outputs that any person can spend, which make the recovery of the funds delicate on the Bitcoin Cash chain,” Séchet’s proposal explains.

Even though the dilemma of funds sent on the incorrect chain is pressing, there are other factors we want to update the address format. It is imperative that the selected common for Bitcoin Money address the various troubles present in the current address format as we cannot change addresses each other Tuesday. &nbsp&nbsp

Séchet: ‘We Aim for Deployment Around January 14’

Séchet details that the Cashaddr format utilizes a powerful checksum which ensures detection of up to 6 errors in an address and 8 in a ‘burst.’ The format also functions much better with QR codes and permits the use of the alphanumeric mode. “It is also a lot faster to encode and decode than the prior format, which is crucial for a technique having to handle a massive number of addresses,” Séchet emphasizes.

The Bitcoin ABC programmer explains that there’s a want to minimize address confusion and he believes it is essential to deploy the upgrade quickly.

“Deploying such a adjust on the network will take some time for all wallets, exchanges and merchants to upgrade,” Séchet notes. “Christmas and the new year is coming soon, and no one wants to do such an upgrade throughout this time.” &nbsp

As a result, I propose we aim for deployment about January 14, 2018. This leaves two months for everybody to get ready which I believe is affordable. Delaying additional would push us into the Chinese new year territory, which is also undesirable.

Openbazaar Developer: ‘It’s Not a Protocol Change’

Presently, the community seems optimistic about Séchet’s suggestion, but some seem confused to regardless of whether or not the upgrade is a protocol adjust. Openbazaar developer,&nbspChris Pacia,&nbspexplains to BCH supporters that it does not demand a challenging fork.

“It’s not a protocol modify — It’s a adjust to the address serialization,” explains Pacia. “Obviously you only want to use a wallet that makes use of the new address type if other wallets realize it and are capable of paying to it. It is sort of a single of those factors where absolutely everyone ought to upgrade around the same time to keep away from segmentation,” the developer concludes.

What do you think about the Bitcoin Cash network changing its address format? Let us know in the comments below.

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Published at Sat, 18 Nov 2017 01:30:42 +0000