Last week Electrum Trio.0 wasgoed released. The fresh version of the most popular Bitcoin wallet does not just support SegWit, but also uses the fresh address format Bech32.
Electrum Trio.0 could be one of the most interesting upgrades of the popular wallet. It does not just migrate from Python3 to Qt5, but also supports SegWit spil the very first wallet with the native SegWit address format Bech32.
If you just want to commence, wij suggest to download the fresh version of Electrum here , or take a look at the release notes there . If you want to learn what the upgrade does, you should become aware about the challenges SegWit poses for wallet developers, and what the fresh address format bech32 means.
Migrating User’s Inputs to Fresh Address Format
Spil you might know, SegWit is an upgrade of Bitcoin’s transaction format. Basically, it organizes gegevens more efficiently by segregating the signature from the content of the transaction. This permits SegWit transactions to circumvent the 1mb limit for the blocksize.
However, to work spil the announced capacity increases, the fresh format has to be used. To do so, users need to transfer their coins to a fresh SegWit address, from which they can write SegWit transactions.
The challenge for wallet developers is to implement SegWit ter a way that users can lightly and without too much disruption migrate their inputs to SegWit addresses. Until now all wallets which enable SegWit addresses – Ledger, Trezor, Core, GreenAddress – use so called “nested P2SH addresses.”
This means they take the existing Pay Two Script Hash address – embarking with a “3” – and waterput a SegWit address into it. This enables a high grade of compatibility to existing wallets, spil every wallet is familiar with thesis addresses, but it is some kleintje of hack, which results ter SegWit transactions needing around Ten procent more space. Obviously, this contradicts the purpose of enhancing capacity.
With Electrum Trio.0 not only does a major wallet join club SegWit – it is the very first to not use the nested p2sh addresses.
An Unknown Type of Address
If you want to use SegWit with the fresh version of Electrum, you vereiste very first create a fresh wallet. Since Electrum uses a seed to generate private keys and addresses, implementing a fresh address format te an existing wallet would cause problems. So you need to create a fresh wallet, and agree to the option to generate a SegWit wallet.
When you click on the “receive” tabulator, you will find a verrassing: Instead of the typical address, beginning with a 1 or a Trio and consisting of 30 to 34 lower and capital cases – the so called Base58 addresses -, you’ll stumble upon something like this: “bc1q76awjp3nmklgnf0yyu0qncsekktf4e3qj248t4”.
The addresses of Electrum’s SegWit wallet are ter the so called bech32 Format, which wasgoed adapted for SegWit by BIP173 . Bech32 addresses consist of around 42 signs and commence with bc1.
Other than the nested P2SH addresses, Bech32 addresses are natively SegWit compatible. This means the transaction does not need reserve space to waterput SegWit ter the P2SH address.
Additionally, Bech32 addresses have several advantages overheen the old Base58 addresses: the QR code is smaller, the protection against typing error is stronger, it enables automaat completion, and due to only consisting of lower cases it should be lighter to type and to be understood when read aloud.
However, there’s a problem. Outside of Electrum, there is no wallet which uses this format. Samourai wallet plans to enable it too, but presently it is not possible to receive coins ter the SegWit wallet from other wallets. The only possible way to do is to use the non SegWit wallet of Electrum Trio.0 to transfer funds on the SegWit wallet of Electrum Trio.0.
Further most blockexplorers are confused by the fresh format. The explorer Electrum recommends, Blocktrail , doesn’t know the format at all and confuses the receiver with an unknown OP_Return output. Blockchain.informatie knows about it, for when you activate “show script and coinbase” it is able to decode the address. It does not, however, showcase it spil an entry te the database with balances.
Spil a result of thesis circumstances, it is likely that the migration from standard coins to SegWit coins te Electrum will need some time, and that for a long time – if not forever – both addresses will coexist te parallel. But when it is done, and your funds have migrated to SegWit with Electrum, it will be done decently.
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