Bitcoin Cash Welcomes the Year with New Unique Address
New year, new address – the entire Bitcoin Cash users are out to start the year with a big change.
The Bitcoin cash community is preparing for something big this New Year – the day to change the address. It was revealed two weeks ago, that an entirely new format of Bitcoin Cash is soon to be unveiled and utilized.
The official implementation of the new address is set to take place on January 14, 2018. This technical upgrade was proposed by Bitcoin ABC developer Amaury Sechet. This coincides with the formal release of Bitcoin ABC 0.16.2.
As of January 3, 2014, the new address was finalized. The change is executed in order to add another layer of protection for this growing altcoin. At present, the new Bitcoin ABC code welcomes critics for scrutiny before the official application is set.
Why the change?
The new Bitcoin Cash address is built on the bech32 codebase. At a glance, one of the biggest differences between the old address and the new is that the latter looks less confusing. Moreover, it will be easier to produce QR codes using this new system. Eventually, multi-part contracts can be integrated as well.
Moreover, the address conversation tool is already created which will allow to effectively demonstrate the change of the address. Renowned security researcher Dean Pierce has also put in place his own version of the conversion tool which could display how Bitcoin Cash addressed compare to the bech32 counterparts.
Previously, Bitcoin Cash has briefly unseated Ethereum as the second largest cryptocurrency with market capitalization. With the steady growth of Local Bitcoin Cash,and the increase in merchant adoption, Bitcoin Cash is set to have a great start of the year.