Even though Bitcoin Cash is pretty successful, there is room for improvements. The recent hard fork introduced some big changes already The time has now come to look into creating a different address format. The addresses of Bitcoin and Bitcoin Cash look eerily similar. Avoiding confusion is always the best option in this regard. One Bitcoin ABC developer has issued a proposal for this new address format.
Bitcoin and Bitcoin Cash look somewhat alike despite some big differences as well. The main issue is how the addresses on both chains use the same technology. Despite having replay protection in place, a chance may be required sooner rather than later. As Bitcoin got their address format first, it is up to the altcoin to make changes. Such a chance may effectively come sooner than most people think. The lead developer of Bitcoin ABC claims he can solve this problem in a few weeks. A new address codebase may be implemented in early 2018.
A new Address Codebase for BCH
One could argue this chance should have been implemented weeks ago. After all, it could have been done prior to the Bitcoin Cash launch itself. The developers decided not to pursue this option, though. Instead, it is almost an afterthought, despite the clear need for a new solution. No one wants to send BC to a BCH address and vice versa. Issues like these are all too common, unfortunately. With a new address codebase, that becomes a non-issue, at least on paper.
However, the developer claims the misspending of funds isn’t the primary reason for this change. Instead, the new solution can detect more errors in an address. Moreover, it seems to correlate better with QR codes, which are an integral part of cryptocurrency transaction. An interesting option well worth looking into that much is evident. Plus, it seems the new standard can encode and decode addresses a lot quicker. So far, there are nothing but benefits. An expected launch date of January 14th has been proposed but not officially confirmed at this time.
More importantly, this new codebase will not require a hard fork. Bitcoin Cash recently received such a fork, which resulted in no major issues. Two hard forks weeks apart would be interesting to see, but also brings a few dangerous elements to the table. Considering how this is not a protocol change, a soft fork should do the job just fine. We will find out more information as we get closer to the deployment date.
Header image courtesy of Shutterstock
