Bitcoin’s next major software upgrade to feature new language for crypto keys
The global, volunteer developer group behind the most popular implementation of the software, Bitcoin Core, soon debuts its 17th major software release, one which puts to code a number of highly-anticipated changes. One update is a new “language” to add important extra information to keys which allows users to name their different accounts. Like labeling one “donations” and another “savings.” The new language aims to tag each key in Bitcoin (both public and private) with a “label” that describes what can unlock it, “changing the way we think about wallets,” Chaincode engineer John Newbery said.
Partially Signed Bitcoin Transactions (PSBT) are another highly-anticipated change that fits the bill. (PSBT is a new format for transactions that are not fully signed, yet can be passed around until finally broadcast.) The benefit here is to get the security of a hardware wallet and convenience of a software wallet. One hardware wallet, coldcardwallet has implemented the transaction signing method already. This code change opens up a lot of options, even potentially boosting Bitcoin smart contracts and privacy features. “PSBT also makes things like multisigs and CoinJoins easier to do,” Bitcoin Core contributor Andrew Chow said. The goal with these major code changes is to eventually get the code to the point where anyone who wants to utilize the full advantages of Bitcoin can do so.
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