Author: Andreas Schildbach 2016-05-14 07:00:27
Published on: 2016-05-14T07:00:27+00:00
BIP43 defines that balance retrieval never changes. In order to add paths, a new BIP is required to ensure uniformity in balance across wallets having the same BIP and seed. With SegWit approaching, Daniel Weigl via bitcoin-dev suggests defining a common derivation scheme for how BIP44 compatible wallets will handle P2(W)SH receiving addresses. Two options are proposed: 1) Stay with the current BIP44 account, giving users the option to display public keys as either P2PKH-Address or P2SH address and scan the blockchain for both representations of each public key. The downside is that the wallet has to scan/look for ever twice as much addresses. 2) Define a new derivation path parallel to BIP44 but under a different purpose like ' instead of 44'. Let the user choose which account they want to add ("Normal account", "Witness account"). This option makes it easier to make a staged roll-out, only users actively deciding to use SegWit will get it and we can catch bugs earlier. Daniel/Mycelium's personal favourite is pt2. No Bip44 compliant wallet had integrated it at that point.
Updated on: 2023-06-11T05:20:17.980806+00:00