Skip links

BIP174 – Bitcoin Proposal Improvement May Accelerate Offline BTC Transaction

Share

Addition of Bitcoin Proposal Improvement 174 to Bitcoin’s official repository will possibly support the acceptance of the famous “Partially Signed Bitcoin Transactions (PSBT)” in the future.

If this proposal gets acceptance, it will eventually allow users to perform transactions offline without sending transactions directly to the bitcoin network. Programmers are now involved in setting up a standard format for the protocol and actively engaged in its testing. Since the team engaged in its development needs to ensure that modification of protocol doesn’t come up with any bugs in the system.

List Of Supporters For The Proposal

This proposal was suggested by Andrew Chow, who is an active developer in the community and has gained much confidence within the community since then. Many developers came upfront supporting new proposal, one such was Peter Wuille, who joined the initiative. Wuille is known for being the co-founder of Blockstream and played a key role in the development of Segregated Witness.

The implementation of such changes can mark a significant advancement in the Bitcoin architecture. The inclusion of initiatives like Segregated Witness can indicate solution for scalability, whereas others such as Lightning Network and BIP174 can assure for the increase in usability.

Developers of the community are encouraging early adoption of the protocol. One such supporter for the initiative is Peter Gray, founder of Coinkite, a company which has developed a wallet – ie ColdCard – which supports transactions in terms of PSBT standard.

Till now there hasn’t been any upvote to the proposal, neither there is any information about when it will be functional. But support from community looks very promising leading to a much better acceptance for the proposal.

Here’s some handpicked articles for you –