Positive updates are hailing from the Bitcoin Cash community as Trezor, one of the leading cryptocurrency hardware wallets, announced the support of the cashaddr address format.
The news was revealed by Trezor’s Marketing Manager Bach N. on Twitter, who posted a GitHub link to cashaddr’s lead developer Jochen Hoenicke.
No ETA, but the cashaddr support is being developed: https://t.co/MPhpJWw47R
— Bach N. (@_xbach) April 1, 2018
Bitcoin Cash adopted the cashaddr format for its addresses in a way of distinction from the original Bitcoin addresses. Trezor follows the path of Coinbase and Bitpay for the cashaddr integration.
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In the GitHub post, Hoenicke noted: “this needs to be done outside the firmware for cashaddr support. Webwallet: compute cashaddr addresses from xpub. Note that only the last step from hashed public key to address needs to be changed. The webwallet checks that the address the Trezor returns is as expected. This check should also allow 1.. addresses so that it works with older firmware (so we don’t have to deploy both at the same time); allow cashaddr as send to address. The firmware supports both and both use SPENDADDRESS. The only difference is the confirmation message given to the user; the transaction format did not change at all.”
No timeline for the development is set yet, but it will be one of the biggest achievements on the part of Bitcoin Cash.
Though BCH projects Bitcoin as its archrival, its primary market competitor is Litecoin, which is going through a tough time with the cancellation of the hyped LitePay project. With the addition of cashaddr, BCH will definitely make its position stronger on the market.
Bitcoin Cash gained its popularity with its faster transactions and low network fees. However, the coin also attracted a fair share of controversies with the allegations of insider trading and pump and dump schemes.
On an initial GitHub thread during the adoption of cashaddr by Bitcoin Cash, Pavol Rusnack of Satoshi Labs stated: “I suggest to change the address version to something different, so it is obvious the address is a Bitcoin Cash address. (It can start with C for example). Don’t forget to change also address version for P2SH!”
“Agreed. I have a plan to change the address format. Changing the address format is expensive, so I would like to investigate various other option than just changing the prefix before settling on something. I would also have to convince other [sic] in the space that this is a good address format,” Bitcoin Cash developer Amaury Séchet replied.