New Bitcoin (BTC) Core Software Upgrades For Private Keys and Wallet ‘Language’ to be Released Soon
The clamour to add more friendly tools to Bitcoin seems to be yielding positive result as the Global, volunteer developer group responsible for the most known application of the software, Bitcoin Core, has hinted that it will present its 17th major software upgrade.
The release is to make Bitcoin code receive many a number of demanded additions different developers. One major demand of the users is the improvement of the software's default wallet, where user's bitcoin private keys are retrieved and stored.
The additions may include Pieter Wuille’s proposed new “language,”. Wuille, who is known for demanding radical additions to Bitcoin had in the past proposed Segregated Witness, an idea that is weakening the scalability issues limiting the progress of Bitcoin.
The new language is no doubt going to add extra information to keys, in essence, solve the erroneous account system detached from the software recently. The innovation gives room to users to name their account by regarding one, for example as savings while the other is tagged donations.
The idea will also permit seamless movement of keys from one wallet to another.
One other significant use case of the language is to make it easier to move keys from one wallet to another. At present, users stand the chance of losing vital information on how coins can be sent to someone or unlocked if they attempt to move key from one wallet to another. While this may not be a problem for most transactions, multi-signature transactions needs more than a single person for approval and sending. Although in the infancy, lightning transactions are pure solution to this debilitating problem.
While transactions requiring this kind of solution are becoming more necessary day by day, the new language vision is to safeguard important information using Wuille’s much-demanded language which labels every bitcoin key with a name that provides info on what can unlock it, thereby “changing the way we think about wallets,” Chaincode engineer John Newbery said in a release confirming the new update.
Meanwhile, the latest changes will also include iterative and Partially Signed Bitcoin Transactions (PSBT), an idea coded brought forward by Chow.