Trezor, the popular cold storage wallet service provider, recently announced that the service has undergone several firmware upgrades. The latest version, Version 1.6.0, promises several handy new features to users. These new features include support for a wider variety of cryptocurrency, as well as offering support for segregated witness addresses by implementing a Bech32 format instead of the previous P2SH format. The Bech32 format could perhaps also help to reduce block size on the Bitcoin network.
Version 1.6.0 has officially made Trezor the very first wallet firmware system to use the Bech32 format. This could go a long way in reducing overall bitcoin transaction costs as well as alleviating the issue of mempool congestion. Trezor noted that the updates were a long time coming. The announcement continued to discuss the several updates and how it would benefit the user and general network. Considering the wallet’s popularity in the industry, several other wallets are likely to follow their example.
While other wallets have also used the Bech32 format, they mostly relied on the P2SH system. This has caused debate amongst developers in the crypto community, especially when it comes to block sizes. This feature, however, is useless for bitcoin cash (BCH) users due to their specific network requirements. Generally, Bech32 addresses require less space that P2SH addresses. This means that transactions could become smaller. Previously, the BCH developer, Amaury Séchet, touted the Bech32 format as being a catalyst for future innovation in the field. Another benefit of Bech32 is the fact that it could alleviate congestion on bitcoin’s mempool network.
However, the first consideration for most crypto users is security. The newly implemented Bech32 format is unlikely to threaten Trezor users’ security, as theoretically, Bech32 addresses are easier to read and relay.
Several prominent members of the bitcoin community have called for Bech32 to become the standard when it comes to wallets supporting the Core network. In September, Brian Hoffman from Openbazaar noted that the platform was also experimenting with changes in address formats. Earlier this year, Pieter Wuille, the prominent Core developer, gave an introduction to the Bech32 format. Last month, Electrum 3.0 announced their Bech32 implementation, which made it the very first to start using the format. However, the wallet developers cautioned users that several websites and wallets may not yet support the format. The developers continued to caution users to employ a regular P2SH wallet during the transition period in order to facilitate transactions.
The Trezor updates guide a user through all the latest updates. Trezor also announced that they will now offer support for Ubiq, Bitcoin Gold, and Expanse.
Version 1.6.0 has been met with praise from all sides and is likely to set a precedent for the wallet service providing industry.
Version 1.6.0 has officially made Trezor the very first wallet firmware system to use the Bech32 format. This could go a long way in reducing overall bitcoin transaction costs as well as alleviating the issue of mempool congestion. Trezor noted that the updates were a long time coming. The announcement continued to discuss the several updates and how it would benefit the user and general network. Considering the wallet’s popularity in the industry, several other wallets are likely to follow their example.
While other wallets have also used the Bech32 format, they mostly relied on the P2SH system. This has caused debate amongst developers in the crypto community, especially when it comes to block sizes. This feature, however, is useless for bitcoin cash (BCH) users due to their specific network requirements. Generally, Bech32 addresses require less space that P2SH addresses. This means that transactions could become smaller. Previously, the BCH developer, Amaury Séchet, touted the Bech32 format as being a catalyst for future innovation in the field. Another benefit of Bech32 is the fact that it could alleviate congestion on bitcoin’s mempool network.
However, the first consideration for most crypto users is security. The newly implemented Bech32 format is unlikely to threaten Trezor users’ security, as theoretically, Bech32 addresses are easier to read and relay.
Several prominent members of the bitcoin community have called for Bech32 to become the standard when it comes to wallets supporting the Core network. In September, Brian Hoffman from Openbazaar noted that the platform was also experimenting with changes in address formats. Earlier this year, Pieter Wuille, the prominent Core developer, gave an introduction to the Bech32 format. Last month, Electrum 3.0 announced their Bech32 implementation, which made it the very first to start using the format. However, the wallet developers cautioned users that several websites and wallets may not yet support the format. The developers continued to caution users to employ a regular P2SH wallet during the transition period in order to facilitate transactions.
The Trezor updates guide a user through all the latest updates. Trezor also announced that they will now offer support for Ubiq, Bitcoin Gold, and Expanse.
Version 1.6.0 has been met with praise from all sides and is likely to set a precedent for the wallet service providing industry.