In the upcoming eighteenth version of the Bitcoin Bitcoin full node client, Bitcoin Core will be able to connect hardware wallets .
A full node in Bitcoin Core allows the user to independently certify the fact of a transaction, while hardware wallets are considered to be one of the safest methods for storing Bitcoin , so combining them can be considered as another step to ensure the safety of assets.
The upcoming change is a big step for user security. Full Bitcoin nodes (BTC) give users the ability to verify that transactions have occurred, while hardware wallets are considered one of the safest ways to store BTC. Thus, this innovation is a big plus for users who want to fully control their bitcoins and secure them as much as possible.
Lead Bitcoin Core developer Vladimir van der Laan (Wladimir van der Laan), who is responsible for coordinating the upcoming update, said that this was one of the functions that he had been waiting to add. However, this change is part of a much broader effort to make Bitcoin nodes easier to use for people with a low level of technical skills.
Bitcoin protocol developers are constantly trying to reduce the amount of data that users must store in order to run their own node.
One of the leading Bitcoin Core developers Andrew Chow (Andrew Chow) tweeted :
“With the integration of these code insertion requests, the upcoming Bitcoin Core 0.18.0 release will finally be suitable for use with hardware wallets using the Hardware Wallet Interface (HWI).”
He admits that the interface of this function is “still a command line and requires manual control,” but claims that “this is a big step forward,” because the functionality will finally appear, albeit in this form. Developers will continue to facilitate interaction with this option and will subsequently introduce it into the graphical interface.
Why do I need a full node on the Bitcoin network?
To send a transaction on the Bitcoin network , users need to connect to the Bitcoin node. The work of a full site today requires a couple of hundred gigabytes of free space, which is quite accessible for a user with a regular laptop. And an independent launch of a full node makes sense. Instead of trusting other sites in providing the right information, such as receiving a transaction, you can check it yourself.
Bitcoin Core developer Sjors Provoost claims that running a full site is useful in order to “know that your bitcoin is real.” He gives an example of the situation with Segwit2x. While discussing the need to implement this update in 2017, there was growing concern that if SegWit2x had a hardfork blockchain, mobile wallets using Simplified Payment Verification (SPV) technology would be open to fraud by the miners .
“Theoretically, this server can also lie about your balance. In a scenario like SegWit2x, he can decide which fork network he wants to show you. With a full site, you don’t need to worry about it , ”Provust said, and noted the privacy issue.
"The wallet software, which usually comes with hardware wallets, shows your addresses to a third-party server."
Full site will provide users privacy. It is these problems that fuel the idea that maybe one day everyone will have to run a full node.
“Yes, I believe that everyone will ultimately manage their own complete node. I thirst for a future in which the lack of a complete site will severely limit your user experience and possible actions with Bitcoin, ” BTCPay creator Niccup Dorier recently wrote .
Secure offline bitcoin
Hardware wallets are considered the safest way to store bitcoins, which is not completely true, as they have their drawbacks. This is especially true when compared to Internet-connected computers, which are often vulnerable to hacker attacks.
“PCs are much more vulnerable to attack than a small specialized key storage device designed specifically for security requirements. They are also less susceptible to accidental failures or damage that can lead to the loss of un-duplicated keys on your computer , ”said Bitcoin Core developer Samuel Dobson.
Thanks to this new technology built into Bitcoin Core software, users will be able to store their bitcoins in a stand-alone hardware wallet, and then use their full site to verify the data they receive, for example, transaction data. Connecting hardware to a full site is also one of the key goals of the Electrum Personal Server product, created by developer Chris Belcher.
However, each of these projects has its pros and cons.
“HWI should reduce the number of individual software components required, although at the moment it is less user friendly than the Electrum Personal Server ,” he said.
Other options for the new version of Bitcoin Core
While the hardware wallet support in version 0.18.0 caused great interest, as usual, other code changes proposed by Bitcoin Core developers will be added to the upcoming release.
Dobson spoke about several features that he considers “exciting”, including improvements to the new “ language ”, the basis for which was the basis for an earlier version of Bitcoin Core. New teams will allow developers to use this language to "import descriptors".
“You can provide such a descriptor for Core […], and it will analyze it and import keys, scripts, etc. into your wallet for you,” said Dobson. “This is the first step towards achieving a more long-term goal – to redo the wallet and add support for these descriptors. This will significantly streamline many processes and provide much more logical software behavior. ”
Dobson also noted the new multiwallet team, which will give users the ability to connect with several wallets within their full node. Although the ability to use multiple wallets at the same time existed in the code previously, in 0.18.0, developers will add this feature to the graphical interface for the first time.
At the moment, version 0.18.0 is in the “candidate for release” (RC) development cycle. This means that the update is still being tested and developers fix any bugs before the public release. According to the developers of the project, the new version will be available to users in the coming weeks.
Publication date 10/04/2019
Share this material on social networks and leave your opinion in the comments below.
