Trezor Cold Storage Wallet Firmware Update With Bech32 & More Tokens
Popular cold storage pocket solution Trezor stated that it has released a development to its firmware, named version 1.6.0. This innovation provides support for more data to be held and stored. Additionally, it expands it functionality using Bech32 instead of the normal P2SH format, possibly saving on block size over the Bitcoin system. As the very first hard wallet to work with Bech32, the organization's update may assist in reducing Bitcoin’s fees when making transfers between addresses. This could also improve congestion on the Bitcoin network itself, especially if other wallet providers decide to join.
Response from the Community
With praise from many sides because of its software 1.6.0 upgrade, it may signal a new relationship between Bitcoin and Bitcoin cash. Earlier this year, the Electrum 3.0 wallet was the original platform to start using bech32 addresses, as a consequence of the new BIP173 format.
Critics think that the Trezor firmware upgrade is a landmark in wallet addresses since it is one of the very first to execute the comprehensive segwit Bech32 option. While there are segwit wallets out there, each makes use of the P2SH feature, which was a bone of contention because of developers inside the block measurement disagreement.
Development of Bech32 Addresses
Bech32 addresses are thought to simply take less space than its P2SH counterpart. Trezor's movement to allow it to be indigenous, possibly enables smaller trades, a conflict shout hurled at Bitcoin Core fans by BCHers. Also, it additionally declared support for tokens like Bitcoin Gold, Expanse, and Ubiq.
A few from the community have claimed Bech32 should be the adopted for Core supported wallets.
Back at the start of dip, Openbazaar's Brian Hoffman announced the market place was tinkering with all the addresses.
For those on the Bitcoin cash side, this new segwit could be seen as undeeded as their network requirements differ from others.