The improvements will benefit users with more privacy and more refined performance, a new type of wallet is another highlight. It is a total achievement in terms of privacy.
Bitcoin Core released its version 21 (0.21.0) of the original Bitcoin software client. Finally, one of the biggest Bitcoin Core updates in recent years is now at hand.
Bitcoin Core possesses an arsenal of functional features, including privacy and performance improvements. This is a huge step towards the long-awaited Schnorr / Taproot protocol.
Wladimir J. Van Der Laan, the developer that is running the project, announced the new version on the Linux Foundation forum. Almost all the changes go intending to improve the network performance and consolidation of a more private and safe system. The new version of Bitcoin Core introduces a new format to improve the possibility for Bitcoin nodes to share new Tor addresses with updated messages. Optimized communication is one of the first goals of the project.
Innovation, New Features, and more secure Transaction tracking
With all these innovations now on board, the mempool will be able to track bitcoin transactions sent via a wallet or remote procedure call (RPC) as well as the success of such transactions.
Every 10-15 minutes, the node will try to announce non-broadcast transactions by a peer via message, or the transaction gets removed from the mempool for other reasons.
In parallel, this version takes a path that is distancing it from Schnorr / Taproot, the Schnorr signature algorithm, along with Taproot have a role in the new version, but this signature algorithm is lacking activation on the mainnet. It means that it will be available for application developers that desire to start designing experimental software.
The Significance of this Version for the Advance of the Development of Bitcoin Technology
The inclusion of these algorithms is significant for the advance of the development of Bitcoin technology, Schnorr, on the one hand, shows upgrades concerning the current ECDSA signature algorithm, while Taproot shows improved scalability as well as a more solid privacy system.
One of the Taproot developers talked about the importance of these improvements, claiming that they create a relevant reduction in the sizes of multi-transactions on the blockchain, creating an improvement that affects the performance of the network in a very positive way.
Wladimir J. Van Der Laan says that this new version of Bitcoin Core is an ingenious protocol that will allow better use of the memory of the chain thanks to better use of the available space. He added that these algorithms are the future of more secure and solid privacy systems. Version 0.21.0 introduces a new type of wallet, its name is descriptors and is a wallet that differs and distance itself from the ‘default’ Bitcoin (BTC) wallets. This implementation will be a useful tool for application developers who work on the design of software on Bitcoin Core.
By: Jenson Nuñez