Efforts to ease the use of Bitcoin’s core infrastructure has always been been in motion and bitcoin’s latest effort exemplifies their attempts. Developers behind bitcoin core are debuting their 17th software release, which puts to code some highly anticipated changes. A articulare improvement to be made is to the software’s default wallet where user’s bitcoin keys are stored.
The most interesting update is the debut of a new “language” initially proposed by bitcoin contributor Pieter Wuille. The language is supposed to add important extra information to keys, essentially allowing users to name their accounts. The new language will also allow users to move keys from one wallet to another. Currently, as the system operates if an individual intends to move information from one wallet to another they may lose information along the way.
As new transactions take place like on the lightning network, it is crucial that the language from wallet to wallet allows information to be sent properly without the loss of information.
More advances are still coming to bitcoin for example, Partially Signed Bitcoin Transactions (PSBT). This highly anticipated change the format for transactions that are not fully signed yet and can be passed around until finally broadcast. This may sound technical but the implementation would be forward looking as hardware wallets on the market seem to operate in their own world when engaging with software.
Bitcoin Core contributor Andrew Chow states:
PSBT will enable Bitcoin Core to more easily support hardware wallets and have better offline, airgapped wallet setups. I’m actually working on hardware wallet support for Bitcoin Core by using PSBT. [SPV wallets] carry privacy and potentially security risks as they are trusting a third party to do the blockchain verification. Once Bitcoin Core supports hardware wallets, users can use Bitcoin Core instead, and because it is a full node, the user does not need to trust a third party that the everything has been verified correctly.
The code change will also boost bitcoin smart contracts and privacy features.
Chow continues to explain:
A few releases ago, we introduced the ability to use multiple wallets in Bitcoin Core. However that required starting Bitcoin Core configured for multiple wallets. Now, we can load, unload, and create wallets when the software is already running.