Bitcoin: New Language for Private Keys to be Introduced

[arvinabeabe]

The Bitcoin network has undergone a lot of difficulties since the usage of the network exploded at the start of 2017. With an unprecedented level of transactions being conducted, the scalability issues that are associated with the network were exposed and the developers have been looking for a fix ever since.

These issues even led to a significant hard fork that spawned Bitcoin Cash, which aimed to be a cryptocurrency which did not have scalability issues and their transactions were faster, more cost-effective and all-around more efficient.

Now developers are trying to make Bitcoin a bit more consumer-friendly, as it has been hard to integrate into a lot of tools. The team of developers working on these issues are volunteers and Bitcoin Core is set to release the 17th significant upgrade for its software.

One of the main aspects of this latest update will be improvements made to the default wallet in which the bitcoin private keys of the users are kept in storage.

There will also be in the introduction of a new language. It was proposed by Pieter Wuille who has been a leading innovator in the space, having designed the likes of Segregated Witness (SegWit) which has helped to ease some of the congestion issues that Bitcoin network has been experiencing.

The basic principle of introducing this new language would be to allow private keys to hold onto more important information than before. In lay terms, users would be able to give a name to their various accounts as a result of the implementation of this new language.

It will also allow the keys for different wallets to be transferred in a more efficient manner

These are the standout upgrades that are being made, but of course, there are further issues and concerns which are going to be looked after for this upgrade as the developers continue to attempt to maximise the performance of the Bitcoin network.