Published on: 2016-01-05T05:43:41+00:00
The Bitcoin Improvement Proposal (BIP) process allows for changes to be suggested and implemented in the Bitcoin protocol. A new BIP has been proposed as part of the Segregated Witness (SegWit) soft fork, specifically addressing a new transaction digest algorithm for signature verification. The goal of this proposal is to minimize redundant data hashing and cover the input value by the signature.In addition to this proposal, a new BIP draft for a SW payment address format has been prepared and is awaiting BIP number assignment. This is the third BIP for SegWit, with another one being prepared by Eric Lombrozo for Peer Services. Eric Lombrozo and jl2012 have been working on these BIPs based on earlier discussions from Pieter Wuille's implementation.There are three separate BIPs being considered: Consensus BIP, Peer Services BIP, and Applications BIP. The Consensus BIP has already been submitted as a draft and covers witness structures, cost metrics and limits, scripting system (witness programs), and the soft fork mechanism. On the other hand, the Peer Services BIP will focus on relay message structures, witnesstx serialization, and other issues related to the p2p protocol such as IBD, synchronization, tx and block propagation. Lastly, the Applications BIP will address scriptPubKey encoding formats and other concerns regarding wallet interoperability.Overall, the development team is actively working on multiple BIPs related to the SegWit implementation, aiming to improve various aspects of the Bitcoin protocol.
Updated on: 2023-08-01T17:18:20.571872+00:00