Bitcoin Core 0.16.0 Goes Live: Here’s What Changes in this Major Update
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bitcoin Core version 0.16.0 has officially been marked for release by developers, ushering in a host of improvements to the wallet software’s codebase.
As CCN , the most notable change in 0.16.0 is the introduction of full support for Segregated Witness (SegWit), a scaling solution that activated on the bitcoin network last August.
Users had hoped that these changes would be included in the last release, bitcoin Core version 0.15.1, but in that update developers ultimately focused their attention on addressing perceived threats associated with the contentious , which ultimately failed to activate on its scheduled launch date in December.
However, finally includes support for “native SegWit addresses,” which leverage the user-friendly bech32 address format and support SegWit payments automatically.
Collectively, this and other upgraded features allow users to take full advantage of SegWit, which reduces the size of transactions and ultimately results in moderately-lower fees.
As more users send SegWit transactions — and and wallet services implement it as well — the network’s transaction capacity will increase, further enhancing the upgrade’s fee reduction.
Other Notable Upgrades
Although this release is headlined by support for SegWit, it includes several other noteworthy upgrades.
First, replace-by-fee (RBF) — which allows users to replace slow-to-be-mined transactions with new transactions with higher fees — will be enabled by default.
Next, all newly-created bitcoin Core wallets will be hierarchical deterministic (HD), meaning that they operate according to the BIP32 protocol and thus allow the creation of child keys from parent keys.
Moreover, users will notice a slight change in the GUI, as the colloquial “bits” has been added to the more technically-specific µBTC denomination.
Finally, there are a number of other tweaks to bitcoin Core’s remote procedure call (RPC) repository, but such changes will not alter the user experience for casual users.
Due to certain changes in the codebase, wallets created in versions 0.16.0 and later will not be compatible with versions prior to 0.16.0, so users should keep this in mind if they ever decide to revert back to an older version.
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Saint Petersburg, Russia-based CREDO have developed what is being dubbed a “next generation payment system” that makes everyday shopping easier for both buyer and seller alike.
[Note: This is a sponsored article.]
What is CREDO?
CREDO is a multi-functional payment system based on a financial algorithm that involves the participation of an independent agent in the transactions of purchase and sale of goods or services. Also called a derivative, the Electronic Certificate enables the parties (buyer and seller) to assume the right or obligation to perform certain actions with respect to the underlying asset.
Some of the features of CREDO include:
Innovative multi-brand loyalty program
Ultra-high discounts for all types of goods and services
Electronic certificates sold for crypto-currency
Electronic card linked to a personal bank card
Internal processing system independent of any banks
High-speed payment system using NFC technology
POS-terminals and EMV Java Cards
Created to work everywhere in the world just like VISA or MasterCard
CREDO’s primary competitive advantage is its internationality. Users of CREDO can buy and sell with any currency and from any country in the world. The payment model is extremely efficient and applicable not only to goods and services but intangible and tangible assets as well. It allows credit and payment operations not only through classic financial markets but through cryptocurrency as well.
Oksana Evseeva, an expert on international investments certified IFRS by the Institute of Financial Accountants in London, weighed in on the potential of CREDO in the global marketplace:
CREDO could be comparative and competitive as Visa and MasterCard using its model on B2B and C2C markets. […] It could work as on B2C as on B2B and C2C markets combining current financial and new crypto-currency markets.
B2C Payment Platform
CREDO’s B2C model works similar to a but gives more opportunities for market coverage. Customers can buy goods and/or services at a discount from any participating merchant around the world.
The basic mechanism of transactions in CREDO in B2C sector is as follows:
The Retailer issues emission of Electronic certificates (Derivatives) for future sales of its goods/services
The Operator works with the Retailer, providing payments for Derivatives, and also with Clients, providing sales of Derivatives, with a discount in case of rising clients’ base and loyalty
Clients buy Certificates for goods and services.
The end result is a win-win for all participants. Retailers get more customers and increased working capital, Operators get an increased client base and profit margin, and customers end up paying less for the goods and services they purchase.
CREDO is Real World Tested
Unlike many ICO projects that seek to raise capital to fund the development of their service or platform, CREDO is already being used in real world scenarios, having undergone rigorous testing to ensure full compliance and adaptability for both domestic and international cross-border transactions.
Konstantin Galibus, CEO & Founder of CREDO, describes some of their earlier tests:
We carried out a transaction in Europe through Deutsche Bank and VTB Bank in Russia executed a cross-border transfer for purchase liabilities of one of our Spanish counterparties. While Deutsche Bank, which acted as a correspondent bank, suspended the transfer of funds until the transaction structure was explained, when the processing model CREDO was presented to Deutsche Bank and the economic feasibility was proved, the funds were released and the transaction was concluded with success.
This example demonstrates not only the adaptability of our system to the strictest requirements of international banks but also our willingness to ensure cross-border transactions using an absolutely independent financial instrument.
Since then, CREDO has been used by over 1000 customers throughout China, UAE, Spain, and . Over 9000 transactions have been completed totaling over 16,120,000 EURO. In a recent tweet, CREDO announced that additional pilot projects are in the works:
We are under negotiations about launching the pilot-project of CREDO with retailing companies in the USA, China and UAE at the moment.
CREDO has a patent for the designed system. The functional of the business model of CREDO has already been provided with all the necessary software and hardware and confirmed by positive test results in Europe. CREDO is a real financial project with its own technical processing, POS terminals, and EMV Smart Cards.
CREDO Pre-ICO in Progress
Launched on June 25, 2017, CREDO’s first round Pre-ICO is already under way. The ICO seeks to raise $5.5 million USD. Funds raised during the ICO will be used to:
Fund the cash turnover and create a new Operator in the system needed for the Cash-Forward payment model of CREDO’s B2C platform
Overall system improvements
Marketing
The Pre-ICO ends on July 10, 2017, after which it will transition into the main ICO. Investments in the ICO can be made with bitcoin, Litecoin, or Ethereum.
For more information about CREDO please visit their or download their . CREDO’s is being hosted at .
Does CREDO have the potential to take its place alongside Visa and Mastercard? How will it affect mainstream adoption of cryptocurrency? Let us know what you think in the comments below.
