Business 3 April 2018Erik Gibbs
CashAddr support coming to Trezor
As Bitcoin Cash continues to gain popularity, more and more entities are rolling out acceptance of the fourth-largest cryptocurrency. Last week, BitPay announced that it would accept BCH as a payment method by retailers. Now, cryptocurrency wallet provider Trezor looks to be preparing to roll out a much-needed service, the switch to the CashAddr format for BCH.
The announcement didn’t come through official Trezor channels, but has been confirmed by developers. Last Friday, a Twitter user posed the question, “…Any ETA on when we can expect CashAddr Security on the Trezor?” Shortly after, user @_xbach responded by saying, “No ETA, but the cashaddr support is being developed.” He went on to include a thread on GitHub where developers are discussing the CashAddr issue. That thread can be found here.
The CashAddr format was designed to help differentiate BCH from legacy Bitcoin (BTC). Both shared similar formats when BCH split from BTC, leading to possible confusion and mistakes when sending funds from one platform to another. Since addressing formats determine the route a transaction takes, there existed the possibility that a BCH transaction ended up going to a BTC destination.
As indicated, there is no mention of when CashAddr will be implemented, but it will certainly be a welcome addition to the wallet. In addition to BitPay, Coinbase, Hitbtc, Stash Wallet and others have already made the switch. Coinbase transferred to the new format in February of this year.
Software cryptocurrency wallets are relatively easy to redesign for the CashAddr format. However, hardware wallets require more work. Trezor is one such wallet, using a USB dongle to sign cryptocurrency transactions with the user’s private key, which is generated offline.
Trezor supports all major cryptocurrencies, including BTC, BCH, DASH and Ethereum (through the MyEtherWallet), among others. Because it’s a hardware wallet, it provides an added layer of security to protect cryptocurrency investments. All private keys are stored, and confirmed, in the device, and not on the Internet. Even if the wallet is connected to a compromised computer, the private keys cannot be seen or stolen.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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