There’s good news for Bitcoin Cash users as Trezor announces upcoming support for cashaddr, a BCH address format. The announcement is a significant development for Bitcoin Cash as support from the most popular hardware wallet could spell new money coming into the market, or at least increased security for those wishing to safeguard their investment carefully.
The news was announced over Twitter by Bach N. of Trezor who posted a link from Jochen Hoenicke, lead developer of cashaddr #285.
Cashaddr is one of the biggest developments for Bitcoin Cash to date. This new address format makes it easier to distinguish between BCH and BTC addresses. While it may not be a perfect solution, it seems to serve its purpose quite well. It is now up to service providers and hardware wallet manufacturers to implement cashaddr support accordingly.
Pavol Rusnack of Satoshi Labs is often credited with the change, saying “I suggest to change the address version to something different, so it is obvious the address is a Bitcoin Cash address. (It can start with C for example). Don’t forget to change also address version for P2SH!”
Bitcoin Cash developer Amaury Séchet responded saying “Agreed. I have a plan to change the address format. Changing the address format is expensive, so I would like to investigate various other option than just changing the prefix before settling on something. I would also have to convince other in the space that this is a good address format.” This would eventually manifest as cashaddr.
In his Github post, cashaddr dev Hoenicke stated:
“This needs to be done outside the firmware for cashaddr support. Webwallet: compute cashaddr addresses from xpub. Note that only the last step from hashed public key to address needs to be changed. The webwallet checks that the address the Trezor returns is as expected. This check should also allow 1.. addresses so that it works with older firmware (so we don’t have to deploy both at the same time); allow cashaddr as send to address. The firmware supports both and both use SPENDADDRESS. The only difference is the confirmation message given to the user; the transaction format did not change at all.”
Hoenicke clarifies that the change will not affect the means of transaction and handles the issues such as the misleading address keys once and for all.
For the time being, there is no official timeline as to when this integration will be completed. A lot of companies have already made the switch. It is evident Trezor cannot remain behind when it comes to cashaddr support. With the likes of BitPay, context, and Coinbase already making the switch, the tone was set some time ago. Hardware wallet manufacturers often require a bit more time to make changes like this one. Among those who have adopted cashaddr format are BitPay, CoinText, YoursOrg, Bitcoin Cash Fund and Coinbase.
All things considered, this is a big development for the Bitcoin Cash community. Cashaddr support is an integral part of BCH altogether. With more service providers supporting this solution, the future looks bright for this particular altcoin. We can only hope Trezor finalize this project soon and in a proper manner. Additionally, more service providers may follow their example in this regard.