Bitcoin Core 0.17.0. present partially signed transaction, and a new language for private keys

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The developers of Bitcoin Core, the most popular bitcoin client, are preparing to release a major new software version that will contain a number of new interesting and expected features.

Although the exact release date is not yet announced prerelease version of Bitcoin Core 0.17.0 is already available on Github, and currently we are testing to identify possible bugs and errors.

In particular, the effort is aimed at improving the native wallet where private keys are stored. To this end, in Bitcoin Core 0.17.0 will be a new language, facilitate the transfer of the key from one wallet to another.

For this purpose, so-called descriptors output channels — originally proposed by Peter Velle method which will help to ensure that information in the Commission of multisig transactions (i.e. transactions that require multiple signatures) or, for example, when Lightning-payments.

Handles output channels provide network keys in bitcoin — both public and private — a label that describes who can use them.

“This is something new, it changes everything we know about the keys, addresses and wallets”, commented Peter Velle method engineer Chaincode John Newberry, who spoke recently in London with the presentation of the Bitcoin Core 0.17.0.

Newberry also noted that the upcoming release of the new client is only the first small step towards the practical application of this language. As expected, the developers, in future versions it will initially be present in the codebase.

Partially signed transaction

Another innovation of Bitcoin Core 0.17.0, which, as the developers expect, in the future will lead to something greater, is to support BIP-174 (Partially Signed Bitcoin Transactions — PSBT). The new format of the transaction developed by Andrew Chou, and its essence lies in the possibility of a transaction even before it is fully signed.

As stated in the description of the method it is intended to simplify processes in situations where a transaction involves multiple parties. As examples again are multisig transactions, as well as mixing (CoinJoin) and hardware wallets.

The reference hardware wallets really interesting. Existing hardware wallets (Ledger, best wallet, KeepKey, etc.) may offer increased security of storage facilities, but each one interacts with the software not always compatible. For example, the popular best wallet only supports Electrum and has no way to connect to Bitcoin Core or other software.

That is the problem and eliminates BIP-174, turning thus into the standard that can use any wallet. The proposed method has found the response among producers, without waiting for the Bitcoin Core release 0.17.0, the technology partially signed transaction implemented COLDCARDWALLET from the team Opendime.

Yay! @COLDCARDwallet plugin is merged into @ElectrumWallet //t.co/1hJhet8IFR

— NVK (@nvk) 23 August 2018

Dynamic creation of wallets

Another new feature provides the ability to dynamically load and create purses. If the current version of the creation of multiple wallets is possible only when you run the client Bitcoin Core, which is necessary to specify the required options in the configuration, with a new release this can be done during its work.

Coin selection

When the address is received, the coins of those separate payments can be spent separately, however due to the fact that the addresses in this contact, threatening the privacy of users.

To solve this problem is called the function “Coin Selection” (selection of coins) in the future release will have the option avoidpartialspends, the choice of which will mean that the purse will always spend existing unspent transaction outputs (UTXO) to the same address, even if it leads to higher commissions.

Upgrade to HD wallets

Since Bitcoin Core 0.13.0 supported the creation of a new hierarchical deterministic (HD) wallets, however, upgrade old wallets to the HD version was impossible. Now it can be done with the option -upgradewallet on the command line. Preliminary backup of the wallet is required, say the developers.

The index of the transaction

The index of the transaction is now created separately from the nodes, and this means that enabling or disabling option-txindex can be produced without fully indexing the blockchain. If running bitcoind with -txindex on the nod, which is already fully or partially synchronized, the index of transactions carried out in the background and will be available at the end of the process.

In the event of a power -txindex database index, transactions will not be automatically removed and it will be back in the future without the need for a new synchronization.

The block size

Support options-blockmaxsize, which allows the miners to limit the block size that was discontinued with version 0.15.1, and now this feature is completely removed. Instead, the miners, if they want to limit the weight of your unit, use the option –blockmaxweight.

It’s not all new features that will be included in Bitcoin Core 0.17.0. A complete list will be available in the accompanying information to release after its official release.

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