Ifwallet Becomes First Public BCH Light Wallet to See Support from Cash Accounts Platform
Bitcoin’s first block was mined ten years ago last month. The anniversary was commemorated with the launch of the Cashaccount.info platform by developer Jonathan Silverblood, which lets users link BCH addresses with more readable names to make the payments process simpler. According to a report from Bitcoin.com, Ifwallet is not the first public wallet with the sending support of Cash Accounts.
Anyone that has held a Bitcoin or other crypto address knows that this code is a long and complicated combination that involves both letters and numbers. Silverblood has been working to create an option that allows for a much simpler way to identify the addresses, leading the BCH software programmer to create Cashaccount.info. The platform only attaches the human-readable name for a one-time transaction with a public BCH address.
The application was tested by Bitcoin.com on the day before the official launch, allowing them to test it out right before the 10th birthday of Bitcoin. An OP return transaction is used for the hashing of the name onto the blockchain. The name is then validated when the block is completed, and the transaction is registered.
With the launch, Silverblood expressed that he was trying to set up the platform in such a way that wallet developers would have the ability to support Cash Accounts eventually. The website shows that the concept has already been discussed with Ledger Wallet, Stash, Bitcoin.com, Edge, BRD, and Electron Cash, among others.
On February 14th, Silverblood said that Ifwallet, a Chinese BCH light client had decided to add support for this new name address system.
In a statement on Thursday, Silverblood said,
“Congratulations to Ifwallet for releasing the first public wallet with Cash Accounts sending support.” He added, “When you go to send you can now type in a Cash Accounts name and if they have compatible payment information in them, they will show up in a dropdown list.”
Much of Ifwallet’s focus is on Bitcoin Cash, and they offer users token support via secure asset management. Investors like Coinex have already backed the mobile wallet, which has partnered with many projects already. Some of those projects include Johnwick.io, ViaBTC, BCH Club, and Wormhole. The latter is supported with the implementation of WHC and by adding the token factory to its infrastructure as well. They also recently launched an app store to allow consumers to participate in these programs with the use of the wallet.
Yesterday, testing with Bitcoin.com confirmed that the speed with Ifwallet is comparable to the Yenom wallet from Japan. Even though the wallet requires a six-digit PIN for interface access, it also includes features like the Face ID/Touch ID provided through Apple. There is no need to instantly back up the mnemonic phrase for the wallet, but the user will see a warning message pop up to stop the transaction until this step is finished.
Though the writer of Bitcoin.com article, Jamie Redman tested out the process for themselves, Redman pointed out that
“Some people will definitely take issue with reusing addresses and may not find the Cash Accounts payment system compatible with efforts toward financial privacy.”