The new version of Bitcoin Core is ready for release.
Bitcoin Core 0.13.0 is ready for release . This means that in the next few days is expected to release the thirteenth version of the official Bitcoin client, with a whole list of important updates implemented in accordance with the two-year network scaling plan. About
five hundred programmers worked on the new version for five months . Bitcoin Core 0.13.0 development took five months.
All proposals for improving the Bitcoin protocol were formed into a general list of 27 items bitcoincore.org/en/2016/08/23/release-0.13.0 .
In June, after a long wait, full-scale testing of SegWit code began. According to the developers, SegWit has two main advantages: it increases transaction security and increases block capacity. However, it will be activated only in the next version of the program.
This algorithm will allow miners to choose which transactions to include in blocks. The number of transactions in the Bitcoin network is growing, and miners have to set higher commissions to enable transactions in the block. Transactions with insufficiently high commissions wait for confirmation longer, and sometimes they are not confirmed at all. This situation creates problems, especially during periods of “stress tests”, when the total number of transactions in the network is growing sharply, which is accompanied by significant delays in making payments.
Users can increase the priority of their transfer by increasing the commission, thereby motivating miners (using the Replace-by-Fee function, this can be done even after sending a transaction, but it is not available in all wallets)
Previously, the recipient had no opportunity to influence the speed of the transaction. Now this problem can be solved with the help of the Child Pays for Parent algorithm. With this option, miners will prefer not to transactions with the highest commission, but rather to more profitable sets of transactions.
In practice, this means that the recipient of a transaction with a low commission can “attach” to it a transaction with a high commission. Motivated by a new transaction with a high commission, the miner will include the entire set of transactions in the block. Thus, the recipient will not have to wait long for confirmation, while the miner will increase his income.
To date, the Bitcoin protocol is not highly efficient. The nodes send each other most of the transaction data twice: the first time as the transaction itself, when it was initially sent, and the second time - as part of a block when confirming the transaction.
Double transfer of transaction data requires more network traffic, which increases the cost of operating nodes and inhibits the distribution of blocks in the network.
Relay Compact Blocks, developed by programmer Matt Corallo (who works in Blockstream), reduces redundant data transfer. When mining a block, nodes transmit very short transaction data hashes. After all data has been received by the nodes, they can use these hashes to determine which transactions are included in the block, and even rebuild it.
Earlier, Bitcoin Core nodes generated a new key pair (public and private) for each Bitcoin address. This is reasonable from a security point of view, but not always convenient: there is always the risk of losing the private key. To solve this problem, programmers Gregory Maxwell and Peter Wulle, together with Armory developer Alan Reiner, developed the cryptographic method BIP 32 - hierarchical deterministic (HD) key generation. The HD generation method allows you to create a new key pair for each new address from one initial phrase consisting of 12 words. Knowing the initial phrase, you can regenerate the keys to get lost access to your bitcoins.
RecallThat HD key generation is not a new solution in the world of Bitcoin. Many wallets have supported this option for several years now, but it has not been available in the Bitcoin client until now.
And, of course, Bitcoin Core 0.13.0 contains an impressive list of updates in the field of operation and security .
Mine is not too late:
five hundred programmers worked on the new version for five months . Bitcoin Core 0.13.0 development took five months.
All proposals for improving the Bitcoin protocol were formed into a general list of 27 items bitcoincore.org/en/2016/08/23/release-0.13.0 .
In June, after a long wait, full-scale testing of SegWit code began. According to the developers, SegWit has two main advantages: it increases transaction security and increases block capacity. However, it will be activated only in the next version of the program.
Child pays for parent (Algorithm "child pays for parent")
This algorithm will allow miners to choose which transactions to include in blocks. The number of transactions in the Bitcoin network is growing, and miners have to set higher commissions to enable transactions in the block. Transactions with insufficiently high commissions wait for confirmation longer, and sometimes they are not confirmed at all. This situation creates problems, especially during periods of “stress tests”, when the total number of transactions in the network is growing sharply, which is accompanied by significant delays in making payments.
Users can increase the priority of their transfer by increasing the commission, thereby motivating miners (using the Replace-by-Fee function, this can be done even after sending a transaction, but it is not available in all wallets)
Previously, the recipient had no opportunity to influence the speed of the transaction. Now this problem can be solved with the help of the Child Pays for Parent algorithm. With this option, miners will prefer not to transactions with the highest commission, but rather to more profitable sets of transactions.
In practice, this means that the recipient of a transaction with a low commission can “attach” to it a transaction with a high commission. Motivated by a new transaction with a high commission, the miner will include the entire set of transactions in the block. Thus, the recipient will not have to wait long for confirmation, while the miner will increase his income.
Compact Blocks Relay
To date, the Bitcoin protocol is not highly efficient. The nodes send each other most of the transaction data twice: the first time as the transaction itself, when it was initially sent, and the second time - as part of a block when confirming the transaction.
Double transfer of transaction data requires more network traffic, which increases the cost of operating nodes and inhibits the distribution of blocks in the network.
Relay Compact Blocks, developed by programmer Matt Corallo (who works in Blockstream), reduces redundant data transfer. When mining a block, nodes transmit very short transaction data hashes. After all data has been received by the nodes, they can use these hashes to determine which transactions are included in the block, and even rebuild it.
Hierarchically deterministic key generation
Earlier, Bitcoin Core nodes generated a new key pair (public and private) for each Bitcoin address. This is reasonable from a security point of view, but not always convenient: there is always the risk of losing the private key. To solve this problem, programmers Gregory Maxwell and Peter Wulle, together with Armory developer Alan Reiner, developed the cryptographic method BIP 32 - hierarchical deterministic (HD) key generation. The HD generation method allows you to create a new key pair for each new address from one initial phrase consisting of 12 words. Knowing the initial phrase, you can regenerate the keys to get lost access to your bitcoins.
RecallThat HD key generation is not a new solution in the world of Bitcoin. Many wallets have supported this option for several years now, but it has not been available in the Bitcoin client until now.
And, of course, Bitcoin Core 0.13.0 contains an impressive list of updates in the field of operation and security .
Mine is not too late: