Hardware wallet recently announced via Twitter on April 1, 2018, that Cashaddr support for bitcoin Cash is currently in development.
The recent confirmation is a big step forward for bitcoin Cash (BCH), considering is one of the most popular hardware wallets in the cryptocurrency industry. bitcoin Cash is currently the fourth highest cryptocurrency, just behind Ripple and Ethereum.
According to , bitcoin Cash’s market cap sits around $10.9 billion, which is roughly four percent of the whole cryptocurrency market.
Bach N., the marketing manager of , announced the development via Twitter as a response to a tweet from bitcoin Cash advocate James Elliot.
No ETA, but the cashaddr support is being developed:
— Bach N. (@_xbach)
Growing Support for Cashadrr and bitcoin Cash
Although there is no official timeline behind Trezor’s cashaddr development, their actions follow in the footsteps of many other companies that decided to adopt cashadrr for bitcoin Cash. These include , Blockdozer, , Stash Wallet, BTC.com Wallet Copay, Blockchair, Hitbtc, Chaintip, bitcoin ABC, Stash Waller, bitcoin Unlimited, Coinomi, and .
bitcoin Cash’s cashaddrr is a new protocol serialization that emerged in January 2018. The developers and community wanted to make bitcoin cash addresses distinct from other cryptocurrency formats to reduce any room for error. The development came about when many users reported accidentally sending bitcoin cash funds to addresses.
“People WILL make mistakes,” said Pavol Rusnak, chief technology officer of SatoshiLabs, the company behind Trezor Wallets, as seen on .
“This affects all bitcoin Cash users, not only Trezor users. [The] decision not to change the address format is quite irresponsible from bitcoin Cash developers because a lot of people have big problems distinguishing these two projects, [and] more so their addresses,” Rusnak mentioned to in an email.
bitcoin Cash’s Cashaddr, therefore, makes it significantly more difficult for users to send bitcoin to a bitcoin cash address or vice versa, reducing any chance of error.
Trezor’s Plan to Implement Cashaddr
In the , bitcoin Cash developer Jochen 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 mentions that the cashaddr addition will not change the means of transaction. Trezor will, therefore, follow other companies who have implemented cashaddr like Coinbase and . While there is no estimated time of completion in regards to Trezor’s cashaddrr update, the BCH community has expressed great interest in its current development.
“The sooner the better for all of us bitcoin Cash holders,” said Elliot to Bach N. in a .
Trezor Continues to Make Strides with Wider Crypto Support
Along with added functionality for bitcoin cash, Trezor’s hardware wallet is due to support the altcoin soon, with the support for the cryptocurrency .
In the next firmware update, it is expected that DCR will then be able to be stored in the hardware wallet. Furthermore, , but there is no expected time of announcement yet.
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With all the talk that surrounds crypto’s nature on a daily basis, the most recent term to be associated with it is “extremely volatile.” On Tuesday, the digital currency got called out for their extreme volatility by one of the members of the Federal Reserve’s board of governors.
Owing to the sudden rise of bitcoin of over 1000 percent in 2017 and then the sharp drop in recent months, the Federal Reserve is closely monitoring the extreme volatility of this digital currency. The comments come from an with Lael Brainard, who also sits on the central bank’s powerful rate-setting committee.The governor further that the new asset class is of no threat to the economy of the United States and would not cause harm to its stability.
According to her, cryptocurrencies may be subjected to various investor and consumer protection issues, and most of the alternate currency is vulnerable to money-laundering concerns. She also warned individual investors to keep a tab on the possible pitfalls of these investments and the potential for losses.
Furthermore, she also put forward the fact that cryptos were not likely to act as a threat to the financial stability as the assets are not the conventional modes of payment and there’s not much proof that the investors have borrowed large sums to invest in alternate currency.
Only A Few People Borrow Money To Invest In Cryptocurrencies
Of all the investors of crypto, only 19 percent have borrowed funds to invest – according to the “State of the Blockchain 2018” report. It also mentions that more than half who had borrowed, have already repaid the debt.
Not completely refuting cryptocurrencies, Brainard
“A statement regarding the study of the crypto market said that the assessment of this digital market is limited by their opacity. Regardless, there will be a continuous effort to study them.”
Brainard then allocated the majority of her remarks to traditional asset classes that deal mainly in stocks and bonds, wherein she informed that these prices might be “particularly susceptible to an unexpected development.” She however categorized overall risks to financial stability as being ‘moderate’ owing to the great financial reforms that were put into effect post the 2008 crisis.
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