Bitcoin, Cryptocurrency And Blockchain News

New Bitcoin Code Will Finally Support SegWit

Advanced SegWit Support


The new Bitcoin code incorporating full SegWit support should be great news, since it means that more cryptocurrency forks are going to pop up. However, this doesn’t mean that the new code is the be all and end all; it merely provides a new layer for tech that is foreseen to be cheaper and faster

Bitcoin Core Changes

Although there has been an ongoing struggle with SegWit support since August last year, we can confirm that it is now really happening. SegWit is motivating software developers from all corners of the earth to develop more structured “themes” for their software releases. It should be noted that it is quite unusual for the team behind Bitcoin.

Normal Bitcoin core changes revolve around optimizations. Nonetheless, this latest “0.16.0” code is quite different from that which users are used to. The code is supposed to come out in the coming days, following its task to improve and optimize SegWit-style transactions, which are performed through the software’s normal wallet.

Andrew Chow, who is an important Bitcoin Core contributor commented on the latest code stating,”The primary change is the addition of SegWit in the wallet. This lets users to easily create SegWit addresses.” He further shed some light on the SegWit features that are being incorporated in the wallet UI (user interface) and command line, stating that both programmers and non-programmers will be in a position to use it.

Chain code lab engineer and Bitcoin Core contributor Marco Falke explained that it has been possible to create SegWit addresses in previous wallet versions. However, the entire process was susceptible to hackers, and its nature was usually hidden. With the new software release, SegWit addresses will be on default status, making new addresses automatically compatible with the scaling feature.

On a lighter note, Version 0.16.0 is the first release to support “native SegWit addresses” which makes it more user-friendly compared with the older addresses. Bitcoin wallet users should expect a decline in fees charged due to SegWit’s automatic creation of addresses.

The release has been made to improve SegWit’s inconsistent messaging following its slow adoption into the system. Some important companies have not yet adopted the upgraded code owing to its delayed or slowed process. In the support’s defense, some developers are working on the reasons for the delays in conjunction with coming up with rigid solutions to the problem.  

Chow said that his team derailed the process while researching on the support’s security vulnerability characteristics and other issues that could render the support “not worthy.” He further went on to quote politics as another source of the barrier.

Developers tend to blame the launch of a planned alternative Bitcoin software launch as a manoeuvre that delayed the process of releasing the new code.   

What are your thoughts on this new development in the Bitcoin code? Leave us your views in the comments section.