Tech 10 December 2018

Erik Gibbs

Money Button moves away from CashAddr format

In another move that will provide greater separation between Bitcoin Cash (BCH) and Bitcoin SV, Money Button has announced that it has dumped the CashAddr address format and reverted back to using legacy cryptocurrency addresses. This is more than likely just the beginning and other entities will undoubtedly follow suit. The decision follows a suggestion made by the company’s CEO, Ryan X. Charles, from November.

On November 21, Charles tweeted, “I think we should ditch cashaddr for Bitcoin SV and go back to the original format that starts with a 1. Many hardware wallets and exchanges never adopted cashaddr, and although it’s irritatingly the same as BTC, at least we will have consistency between wallets.”

After receiving a considerable amount of feedback on the idea, Money Button pushed forward with the switch, announcing this past Saturday on Twitter, “It is done. We are back to the legacy address format now! All addresses start with a 1, the way it should be!”

Both Bitcoin Core (BTC) and BCH used an address format that was virtually identical when BCH first split from BTC. This initially caused some confusion, leading to the creation of the CashAddr format, which was never fully supported by every entity involved with BCH. Some still used the legacy format, while others made the transition, but the lack of widespread acceptance was cause for it to not have been considered a complete success. This was sometimes cumbersome, as it forced crypto users to “translate” one format to the other if they were conducting transactions involving two entities that didn’t use the same format.

One of the main goals, according to Money Button, is to make transactions easier. They explain in a separate Twitter post that users will be able to send from one wallet or exchange to another without having to use a converter.

Of course, whether legacy or CashAddr formats are used may not necessarily be the only long-term solution. More and more, wallets are moving to the use of “nicknames” that allow users to assign words to their addresses to conduct transactions. Most notably, BSV supporter HandCash has already introduced the trait with its wallet.

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.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

COMMENT

latest news

China’s e-commerce firm JD.com has applied for 200 blockchain patents

Tech 22 May 2019

China’s e-commerce firm JD.com has applied for 200 blockchain patents

JD.com, also known as Jingdong and formerly as 360Buy, is one of the leading blockchain patents applicants in the world, and is leading the way in Chinese blockchain patents.

Read More
ABN AMRO ditches BTC wallet, but eyes blockchain trade inventory system

Tech 22 May 2019

ABN AMRO ditches BTC wallet, but eyes blockchain trade inventory system

ABN AMRO got the message that nobody wanted their BTC custodial wallet, so they’ll be working on a blockchain inventory instead.

Read More
Calastone debuts world’s largest blockchain financial services system

Tech 22 May 2019

Calastone debuts world’s largest blockchain financial services system

Calastone has launched what they claim is the biggest blockchain for financial service organizations.

Read More
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]