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SegWit compatible new Bitcoin code will be launched soon

Feb 20, 2018 Posted /  3072 Views

SegWit compatible new Bitcoin code will be launched soon

Segregated Witness (SegWit) was launched in August 2017 after going through major controversies related to Scaling, speed and cost issues of Bitcoin transactions. The recent  update has motivated and inspired developers to create a ‘themed’ release for the software. In the upcoming code, 0.16.0, the bitcoin is going to launch sixteen major releases since the Bitcoin began.

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The introduced changes revolve around SegWit where user will find using SegWit comparatively easier. The launch will be conducted within few days and the consumer will be able to send a SegWit – transaction using their Bitcoin Wallet.

In an interview with Coindesk, a Bitcoin core contributor, Andrew Chow told that in the initial launch the team reassured that the launched network  follows all the guidelines. In the recent launch the Bitcoin team is aiming to make the software user-friendly.

"The primary change is the addition of SegWit in the wallet. This lets users to easily create SegWit addresses." - Andrew Chow

Chow further explained that the developers have made changes in both command line and wallet interface so that the updates could benefit both, programmers and non-programmers.

Other Bitcoin core contributor, Marco Falke stated that SegWit address could be added in the primary version as well but that would have resulted in making process “hacky” and “mostly Hidden”. In the recent code, the SegWit address will be automatically functioning harmoniously with the scaling feature.

According to Marco Falke,the most interesting part of the recent launch will be Bech32 addresses. The feature has been added by  Pieter Wuille and Greg Maxwell where “native SegWit addresses” will also be supported. These addresses are also called bech32 addresses that will be even more compatible with SegWit and more user- friendly as well.

With the automatic creation of SegWit address, it is expected that the user will account a deduction in transaction costs and other benefits as well. As per Chow, with the usage of Bech32 users will get benefited with lower fees but most wallets will not supports the address because the platform is new and the SegWit  P2SH SegWit has been set as default address for now.

Chow added that the rest of update in features will make users experience more flexible. For eg. Users will be able to keep their wallets and private keys in another folders if they want to.

As per many users and critics adding support to wallet transaction took very long and developers have an explanation for that. As per Chow they were observing the functioning of the network to eliminate possible vulnerabilities and the other reason for the delay is political distraction including alternative Bitcoin software launch 0.15.1.

"This took up several weeks and prevented us from working on the SegWit wallet for those few weeks," – Chow

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Tags: bitcoin Segwit

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