Pieter Wuille, who is a famous bitcoin contributor, proposed a “new language”. This is by far, the most interesting part of the upcoming update.
This change will impact Bitcoin’s default wallet. The default wallet is the place, which stores all of the user’s private keys.
The idea behind the new language is both simple and genius at the same time. Adding extra information to the keys, will provide an easy alternative to the strained account system. This system had to be recently removed from the software. To simplify, this would allow users to easily name different accounts. You can create an account named “International transfers”, another called “Savings account” and so on.
The language will also allow for an easier key movement between wallets. In the current situation, a desire to move a key between wallets is not recommended. The user might lose information regarding the coins and the information to unlock them can fall into the wrong hands.
This isn’t a large problem, which concerns many transactions. In the end, most transactions have very simple rules: to prove ownership of the coins, the user has to sign the transaction with the secret key. However, this is not the case for multi-signature transactions. They require more than one person to approve of any form of spending.
Lightning transactions are still experimental, but their speed and potential make them the most exciting example. They are currently gaining popularity, since lightning is the best option to deal with the scale of millions of users. The new language will try to solve the problem of essential information being lost.
The new language will offer solutions, which are simple and genius at the same time
By tagging each bitcoin key with an “unlock” label (private and public), the new language can revolutionize our way of thinking regarding wallets. This is a very small innovation, which can have an endless amount of consequences. Future software releases will most likely feature the language in their code base.
With many big changes around the corner, developers have a lot to be excited about. One such feature is the “dynamic wallet creation”. It basically allows the user to load, unload and create wallets with an already running software. Multiple wallet use, was introduced in Bitcoin Core, but it required configuration for multiple wallets.
Now there are many changes, but it’s important to have a realistic perspective. Bitcoin isn’t used by many people and Bitcoin Core is used by even less. The software has a gigantic memory requirement of about 200GB. It’s not something you can download for 30 seconds on your phone.
These changes do have a goal though. With enough time and creativity, these large updates will eventually make the setup user-friendly. This will allow for many users to use and explore cryptocurrencies freely and with ease.
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